The remaining members in the Iranian nuclear deal say they will set up a new payment system to maintain business with Iran and bypass US sanctions.
The system would facilitate oil companies and businesses to continue trading, without relying on the US-led global market and dollar.
Exactly how the system would work is still being determined.
Earlier this year, President Donald Trump pulled the US from the 2015 Iran nuclear deal and re-imposed sanctions.
The Joint Comprehensive Plan of action, as the nuclear deal is officially known, was negotiated during the US presidency of Barack Obama.
It saw Iran limit its nuclear activities in exchange for sanctions relief.
EU foreign policy chief Federica Mogherini announced the plan after talks at the UN with the remaining members of the accord - Britain, China, France, Germany, Russia.
A statement said they were determined to "protect the freedom of their economic operators to pursue legitimate business with Iran".
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