Iranian Foreign Minister Mohammad Javad Zarif said that international parties remaining in the Iran nuclear deal have kickstarted practical measures ensuring banking relations and the resumption of Iranian oil sales, two weeks ahead of the first phase of US sanctions. The three European countries (Germany, Britain and France) may restore banking activities of the Central Bank of Iran in European banks to find a channel to preserve financial ties before the return of US sanctions, the Wall Street Journal reported on Tuesday. In a meeting with foreign diplomats and economic activists, Zarif said that the three European countries, China and Russia pledged to compensate Irans losses resulting from the US’ unilateral exit from the agreement. The first wave of US sanctions will go into full implementation on Aug. 4. On the other hand, Iran’s government is trying to move ahead of sanctions and work on reducing the impact on the Iranian economy caused by fear of sanctions. For months now, Iran’s economy has seen disturbing declines as investors lost trust in the market there against news of sanctions returning. Zarif considered positions held by the European foreign minister stand as “evidence of a political commitment from the European side,” reported the Iranian state-run ISNA news agency. However, Zarif’s stance differs from that upheld by Iranian Supreme Leader Ali Khamenei and rightwing conservative associates choosing to brush off European positions as insufficient to counter the return of US sanctions. Khamenei and Iranian right-wingers expressed doubts about European countries keeping their end of the agreement. At the end of May, Irans top Khamenei adviser Ali Akbar Velayati called on the Iranian government to move away from European countries in exchange for rapprochement with Russia and China. He also called for the resumption of uranium enrichment and the rebuilding of centrifuges for Iranian ships and submarines. The two IR6 and IR8 machines, which are both being tested with uranium gas, will shape the future of Irans enrichment industry. Russia does not want and does not intend to use the logic of force with Iran, Velayati said. "The strategy of looking east is the easiest way to get rid of the Wests evil," he added. It is worth noting that Velayati sent a letter to Russian President Vladimir Putin last week. Nevertheless, Iranian foreign minister Zarif drew parallels between positions taken by European countries, China and Russia, and stressed the need for “close cooperation” in the political, economic and security fields with Tehran. Zarif said all five countries, the United Kingdom, France, Germany, China, and Russia, have made commitments to take necessary steps in the field of banking cooperation, maintaining current levels of oil sales, trade, insurance, transport, aviation and investment.