Intel: Nuclear deal parties lay out plan to stand up to US

The remaining parties to the nuclear deal with Iran agreed Monday night to create a financial mechanism to keep the pact alive despite the US withdrawal.

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 Russia.

“Mindful of the urgency and the need for tangible results,” Mogherini said, “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, which will assist and reassure economic operators pursuing legitimate business with Iran.”

Mogherini said the decision to establish the mechanism “has been taken” and that technical experts from EU member states would now be convening to turn it into reality.