TEHRAN (Press Shia Agency) – The European Union is on the verge of launching an alternative channel to send money to Iran, known as special purpose vehicle (SPV), that would sidestep US sanctions against the country, Germany’s foreign minister said.

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Heiko Maas told reporters in Brussels on Monday that the vehicle “will be registered, it has not yet been registered, but I would say that the implementation of our plan is imminent.”

Maas said the EU’s aim is to ensure “business not sanctioned by the US can be upheld, and there is a suitable instrument for international payments.”

He said Germany has been working notably with Britain and France but also other EU partners in recent months to set it up, without providing details, AP reported.

EU member country envoys discussed Iran Monday but didn’t announce the SPV’s completion.

Senior EU officials have been saying for weeks that the financing mechanism would be up and running soon, but they have hesitated to provide details amid European concern that Trump would target the country where it is based and any others taking part.

The SPV is part of EU efforts to keep alive the 2015 nuclear agreement between Tehran and world powers.

The White House has been warning the Europeans that they could face stiff fines and penalties should they try to circumvent the sanctions.