EU will set up a legal entity to facilitate transactions with Iran - continue trade

Probably best to file this under geo pol rather than trading or finance

I know someone who won't be too happy with this, amiright?

EU's Mogherini, reading joint statement, says group stressed importance of developing payment channels with Iran, notably special purpose vehicle

• Says decision to establish special purpose vehicle has been taken, work ongoing to make it operational
• EU will set up a legal entity to facilitate legitimate financial transactions with iran to allow continued trade

European firms are very active in the middle east, and they've been hurting as sanctions have tightened.

This, for example overnight:

• Volvo halts Iran truck assembly due to U.S. sanctions