Official says Iran found two solutions to evade banking sanctions

By  Trend

The Central Bank of Iran (CBI) is moving towards financial channels to solve the country's banking problems, amid the pressure by the US sanctions.

"Although enemies try to put more pressure on Iran's economy through sanctions, Iran has some measures to evade banking sanctions, specially since banks of the world are only allow transaction through medical and food items exchanges," said the Chairman of Tehran Chamber of Commerce, Industries and Mines Masoud Khansari , Trend reports citing Mehr News Agency.

Khansari said Iran has found two solutions to evade the sanctions.

"One is to have transactions go directly through the Central Bank of Iran, while the other one is to establish financial channels with various countries," he said.

Referring to CBI efforts to establish separate financial channels with various countries, he said that the negotiations include both European and Asian countries.

The European Union has proposed to establish a Special Purpose Vehicle (SPV) to help preserve economic benefits for Iran, following the nuclear deal with Iran, from which the US has withdrawn. However the plan has been delayed due to disagreement of some EU member states, in fear of the US pressure and punitive action.