Teheran and Ankara working on mechanism to bypass U.S. sanctions

Teheran, June 4 - Neftegaz.RU. Iran and Turkey are working on a financial mechanism channel to bypass the U.S. unilateral sanctions, Iran’s Ambassador to Turkey Mohammad Farazmand announced.

The ambassador said that such mechanism is aimed at preventing bilateral trade from falling victim to trans-regional players, Fars news agency reported.

“Iran exports a large volume of gas to Turkey and we need a new mechanism to be created to ease financial transactions via our national currencies,” Farazmand said, adding that the wo sides are working on establishment of a new anti-sanctions financial mechanism to protect mutual trade and economic ties.

“We are on the process of establishing a joint bank, as well,” he informed. “All countries are entitled to develop common trade ties with each other and nothing illegal has been done in this regard,” Farazmand said.

“This is not done to prevent U.S. sanctions. We do not want to circumvent regulations,” he underlined, “However, the U.S. is carrying out an economic terrorism besides sanctions on Iran which is violating our countries’ rights.”

According to Iranian officials, Turkey is vehemently interested in increasing volume of gas purchase from Iran. The country is also among criticizers of U.S. sanctions on Iranian oil exports.