Concerned about the political and monetary risks that the US dollar settlement may bring, the EU has recently issued an action initiative to recommend the active use of the euro in the economic strategy sector. In particular, the initiative mentioned the use of more euros in international energy trading.
Earlier, due to the US economic sanctions against Iran in August, on November 5, it restarted the sanctions on energy, transportation, central bank transactions, etc., which caused a lot of trouble for Iranian import and export of goods, not only the shipping company paused, International banking business has also been greatly damaged.
At the end of September, the Iranian nuclear issue participants held a foreign ministers' meeting in New York, during which they confirmed the establishment of a "special mechanism" for the settlement of Iraq, thereby protecting Iran's import and export settlement channels, so that Iran can continue to export oil and natural gas.
The mechanism was led by France, Germany and Britain. On November 2nd, the United States announced that it would lift sanctions on Iran and other areas. The EU and France, Germany and Britain issued a joint statement, which "deplored the United States" and It is emphasized that efforts are being made to promote the establishment of a “special mechanism” for the settlement of Iraq, so that European importers and exporters can conduct legal trade in Iran.
Iran had hoped to establish this mechanism before November 5, and said that except for the EU and Iran, the mechanism is open to third parties, and other countries can join. If the "settlement mechanism" is established, China's accession will greatly ease the trade settlement between China and Iran.