New mechanism aims to save Iran nuclear deal

Entity will help facilitate payments for imports, exports including oil

A legal entity will be set up within the European Union to facilitate legitimate financial transactions with Iran in an effort to save the 2015 nuclear deal after the United States withdrew from it and reimposed sanctions on Iran.

Foreign ministers from China, Britain, France, Germany, Russia, and Iran said in a joint statement on Monday that a newly established "Special Purpose Vehicle" will help to facilitate payments for Iranian imports and exports including oil.