Major powers, Iran meet to salvage nuclear deal without U.S.

US 'dream' of halting Iran's oil exports won't come true: minister

Appearing alongside Iranian Foreign Minister Mohammad Javad Zarif at the UN, European Union foreign policy chief Federica Mogherini read out a joint ministerial statement following a meeting with the foreign ministers of France, Germany, Britain, China and Russian Federation.

US President Donald Trump made a decision to withdraw from the pact in May and restore economic sanctions on Iran, including those created to force major oil customers to stop buying Iranian crude.

The European Union until now had faced difficulties devising a workable legal framework to shield its companies from United States sanctions that go into effect in November.

In sharp contrast, the five other world powers who signed the nuclear deal remain strongly committed to it, and the new financial facility is nearly certain to anger the Trump administration.

"In practical terms, this will mean that EU member states will set up a legal entity to facilitate legitimate financial transactions with Iran, allowing European companies to continue to trade with Iran in accordance with European Union law", she said, adding that the payment scheme "could be open to other partners in the world".

"An essential part of the agreement and its implementation regards Iran having the possibility of benefiting from the lifting of sanctions, and this is exactly why we are discussing tonight, operational concrete steps that we can put in place", Mogherini told reporters before the talks at the United Nations.

The European Union, along with Russian Federation and China, said in a joint statement that the so-called "Special Purpose Vehicle" will "assist and reassure economic operators pursuing legitimate business with Iran".

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The US administration reintroduced the previous sanctions while imposing new ones on the Islamic Republic.

The crux of the deal, negotiated over nearly two years by the administration of former U.S. President Barack Obama, was that Iran would restrain its nuclear program in return for the relaxation of sanctions that had crippled its economy.

The Trump administration also accused Iran of promoting global terrorism, which has been defiantly denied by Tehran.

"Imposing sanctions on Iran to prevent us from selling our oil will be very risky".

Meanwhile, the EU has vowed to stick with the deal and updated legislation to protect European companies from future sanctions. Further restrictions, planned for early November, are set to hit Iran's oil and shipping sectors.

Zangeneh said such a plan isn't possible long-term, though Washington seems determined to cut Iran's crude exports, "even if for just a month". Haley told ABC's This Week that if Rouhani asked for a meeting "I think the president would strongly consider it". At the same time all external auditors have found that Iran has been complying with the agreement.

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