The European Commission plans to set up a mechanism to facilitate economic dealings between the European Union and Iran in the nearest future to bypass US sanctions, the High Representative of the European Union for Foreign Affairs and Security Policy, Federica Mogherini announced.

Earlier, EU officials proposed creating a clearing house, or a special purpose vehicle (SPV), to eliminate the bloc’s dependence on the US and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) which currently provides high-value cross-border transfers for members across the world.