Indian refiners have begun clearing their oil debt to Iran under a new payment mechanism which they put in place after the US reimposed sanctions on the Islamic Republic.

Foreign Minister Zarif says Iran is working with its traditional partners to counter EU inaction in the face of US sanctions.

A court in Germany has ordered the country’s partly state-owned telecom provider to reactivate phone and internet services for an Iranian bank.

The European Union has reportedly picked Luxembourg to host the so-called Special Purpose Vehicle (SPV) which the bloc has designed to conduct banking transactions with Iran after the United States restored sanctions against the country earlier this month.

The Turkish head of state slams new US sanctions against neighboring Iran as wrong and says his country will not abide by them.

German media outlets say Iran has retracted its request to have 300 million euros in cash at a Hamburg-based bank repatriated.

Iran says it is preparing to develop its own digital currency as a solution which officials in Tehran say would help the country dodge the returning US sanctions.

Iran will use Qatar to facilitate payment orders in foreign currencies, phasing out such operations in Dubai.

The shift underscores the current US administration’s disdain for a landmark nuclear deal which should have reconnected Iran to the international banking system.

Analysts and governments have warned of a bubble which could burst at any moment and some of them have likened trading in bitcoins to Ponzy schemes.