Five world powers have agreed with Iran to establish a financial facility in the European Union to facilitate payments for Iran’s exports, including oil, as well as its imports. It is a key move sought by Tehran following the U.S. pullout from the 2015 nuclear deal and its re-imposition of sanctions.

Foreign ministers from Britain, France, Germany, Russia, China and Iran said in a joint statement late Monday that the so-called “Special Purpose Vehicle” will “assist and reassure economic operators pursuing legitimate business with Iran.”