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INSTEX is to be headquartered in Paris and overseen by a German banker.

'As the president has made clear, entities that continue to engage in sanctionable activity involving Iran risk severe consequences that could include losing access to the US financial system and the ability to do business with the United States or US companies,' the State Department said in a statement. The US State Department said it was 'closely following' reports on the European mechanism, which originally was known as a 'special purpose vehicle,' for details about exactly what would be involved.

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The European Union's foreign policy chief, Federica Mogherini, who helped negotiate the 2015 accord with Tehran, said the new system would be 'essential for the continued full implementation of the nuclear deal with Iran.' 'We remain ready for constructive engagement with Europe and on equal footing & with mutual respect,' Zarif wrote. Iranian Foreign Minister Mohammad Javad Zarif welcomed the establishment of INSTEX, saying in a tweet it was a 'long overdue 1st step' to save the nuclear deal.

'This is a precondition for us to meet the obligations we entered into in order to demand from Iran that it doesn't begin military uranium enrichment,' Maas said. 'We're making clear that we didn't just talk about keeping the nuclear deal with Iran alive, but now we're creating a possibility to conduct business transactions,' German Foreign Minister Heiko Maas told reporters after a meeting with European counterparts in Bucharest, Romania. The ministers emphasised that their payment channel is 'aimed at facilitating legitimate trade between European economic operators and Iran.' for as long as Iran keeps implementing it fully,' British Foreign Minister Jeremy Hunt said. 'This is a clear, practical demonstration that we remain firmly committed to the historic 2015 nuclear deal struck with Iran. In recent months, Iranian officials threatened to resume enriching uranium to higher purities than allowed under the deal, putting pressure on the Europeans to find a way around the sanctions. The other parties to the 2015 agreement - France, Britain, Germany, Russia and China - have been scrambling to keep the deal alive. His administration also introduced new sanctions on Iran. It follows Trump's decision last year to unilaterally withdraw from the international accord aimed at preventing Tehran from developing nuclear weapons in exchange for economic incentives. The three nations have been working on the plan for months. French Foreign Minister Jean-Yves Le Drian, UK Secretary of State and Foreign Affairs Jeremy Hunt and German Foreign Minister Heiko Maas.