The EU High Representative for Foreign Affairs and Security Federica Mogherini announced the development here on Monday after a meeting between Iran and the five powers that continue to support the pact, Russia, China, France, the UK, and Germany, reports Efe news.
In a joint statement read by Mogherini and Iranian Foreign Minister Mohammad Javad Zarif, the participating parties recalled that Tehran has shown that it continues to fulfill its part of the nuclear agreement.
The five powers also pledged its commitment to promoting "legitimate business" with Iran, as had been set in the pact and discussed "practical solutions" to the unilateral withdrawal of the US and its reimposition of sanctions that had been lifted with the agreement sealed in 2015.
"Mindful of the urgency and the need for tangible results, the participants welcomed practical proposals to maintain and develop payment channels, notably the initiative to establish a special purpose vehicle to facilitate payments related to Iran's exports, including oil, and imports," Mogherini said alongside Zarif.
Mogherini explained that the EU's decision to create this entity will be further addressed in detail during further technical meetings in the following days.
The entity could also be open to other international partners who wish to use it, Mogherini added.
Earlier this year, US President Donald Trump decided to withdraw his country from the nuclear agreement and reimpose a series of sanctions that had been lifted, which could affect companies from other countries dealing with Tehran or lead them to withdraw their businesses from Iran to avoid problems with Washington.