Time for Europe to pace development of SPV

MNA – Iran’s Deputy Foreign Minister for Political Affairs Abbas Araghchi said on Friday that its time for EU to pace the creation of Special Purpose Vehicle (SPV) for financial transaction with Iran.

Noting that European countries have expressed readiness to counter the US sanctions, Araghchi said Iran hopes that Europeans speed up the process to achieve the desired goals as soon as possible.

According to Araghchi, “Europe has said that the financial mechanism (SPV) is not just for Iran, but also to revive its lost independence, and this is a serious demand of Europe to avoid unconditional compliance with the US.”

The senior official noted that, however, the US dollar’s dominance on European financial transactions has made the development of the new mechanism somehow intricate and time-consuming.

The leaders of European states have announced their strong support to Iran against the US’s sanctions, in the wake of Washington’s unilateral withdrawal from the landmark 2015 nuclear deal.

They are working on the SPV to help maintain the economic benefits of the nuclear deal for Iran in the face of US’ withdrawal and reimposition of sanctions.

French Economy and Finance Minister Bruno Le Maire pledged this week that Paris will attempt to lead the EU’s efforts to defy Washington’s sanctions against Iran.

He said, “Europe refuses to allow the US to be the trade policeman of the world.”