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Federica Mogherini (L), European Union's High Representative for Foreign Affairs and Security Policy, and Iran's Foreign Minister Mohammad Javad Zarif. Photo: Alexander Shcherbak\TASS via Getty Images

The U.K., Germany, France, Russia and China have agreed to establish a special payments system to circumvent U.S. sanctions on Iran stemming from President Trump's unilateral withdrawal from the 2015 nuclear deal, the Financial Times reports.

The big picture: The payments channel would be an alternative to SWIFT, the backbone of the global financial system that allows Iran to get paid for oil, pay for its imports and finance its activities abroad. The five countries involved in the agreement remain committed to doing business with Iran, which the International Atomic Energy Agency says is still complying with the terms of the nuclear deal. President Trump, meanwhile, has threatened that anyone doing business with Iran will not be able to do business with the U.S.

Go deeper

24 mins ago - Health

FDA advisory panel endorses Johnson & Johnson COVID vaccine for emergency use

Photo: Illustration by Cezary Kowalski/SOPA Images/LightRocket via Getty Images

A Food and Drug Administration advisory panel on Friday recommended the authorization of Johnson & Johnson’s one-shot coronavirus vaccine for emergency use.

Why it matters: The FDA is expected to make a final decision within days on the J&J vaccine, which was found to be 66% effective against moderate to severe COVID. An emergency use authorization would allow distribution to immediately begin, helping streamline and speed up the vaccine rollout across the U.S.

Dave Lawler, author of World
25 mins ago - World

Schiff: "Definitive" Khashoggi report sends clear message to Saudis

Photo: Leon Neal/Getty Images

The report released Friday on the murder of Jamal Khashoggi was short on evidence or new information, but Rep. Adam Schiff (D-Calif.) tells Axios that the “definitive” statement assigning responsibility to Saudi Crown Prince Mohammed bin Salman (MBS) speaks volumes.

What he’s saying: Schiff, the chairman of the House intelligence committee, says that while some intelligence couldn’t be published because of the need to protect sources and methods, “we rarely see something published that is this definitive and I think that's an important accomplishment for the administration.”

Exclusive: Law enforcement organizations back Biden pick for assistant AG

Vanita Gupta Photo: Demetrius Freeman/The Washington Post via Getty Images

Local and federal law enforcement officials are backing Vanita Gupta, President Biden’s nominee for associate attorney general, according to letters sent to the Senate Judiciary Committee and obtained by Axios.

Why it matters: The Major County Sheriffs of America noted Gupta “emphasized that she does not support efforts to ‘defund the police'” and highlighted her desire to improve criminal justice through methods that include increased training for law enforcement officials.

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