MNA � A representative of Germany may become the head of the Special Purpose Vehicle (SPV) that Europe is preparing to conduct transactions with Iran bypassing US sanctions, a source in the EU institutions told Sputnik Tuesday.

A representative of Germany may become the head of the Special Purpose Vehicle(SPV) that Europe is preparing to conduct transactions with Iran bypassing US sanctions, a source in the EU institutions told Sputnik Tuesday.

"Germany's representative is expected to head the Special Purpose Vehicle ," the source said.

In September 2018, following a ministerial meeting on the sidelines of the UN General Assembly, the United Kingdom, Germany, France, China, Russia and Iran announced that the European Union would establish a mechanism to ensure financial transactions with Iran after Washington's unilateral withdrawal from the 2015 nuclear deal and its decision to reimpose sanctions on Tehran.

Meanwhile, it was reported yesterday that France is the likely host to the SPV.