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Earlier, Washington ripped up waivers enabling major importers of Iranian crude oil, including Turkey, to continue their imports as part of its strategy of "maximum pressure" aimed at crippling the Iranian economy. Iran and Turkey are working on a new gas trade mechanism to enable the two countries to resist US sanctions pressure, Iranian Ambassador to Turkey Mohammad Farazmand said, the Islamic Republic News Agency has reported, citing an interview by the ambassador with Turkish television. "Iran exports a large volume of gas to Turkey and we need a new mechanism to be created to ease financial transactions via our national currencies," Farazmand said. "We are [in] the process of establishing a joint bank as well," he added.