Launch of SPV by three European members of JCPOA to be announced

IRNA – An informed European official said that Special Purpose Vehicle (SPV) will be announced by the three countries of Britain, France and Germany soon.

The European official, who did not want to be named, said in an interview with the Islamic Republic News Agency (IRNA) that after the launch of SPV, the EU will support it by issuing a ‘summing up’ statement.

He did not, however, provide an explanation of the result of negotiations between the three European countries and the details of the EU ‘summing up’.

Some reports point to disagreement over the terms of the wording of ‘summing up’ by the members, but the European authority hinted that the launch of the SPV would not depend on the European Union’s ‘summing up’ statement.

According to this European official, the draft EU ‘summing up’ statement has been set since December after EU foreign policy chief Federica Mogherini had announced the imminent launch of the SPV, and is currently being reviewed by representatives of EU member-states.

He did not comment on the controversy over the terms of this statement.

Following the departure of the United States from the JCPOA, the European Union is completing a special financial mechanism that facilitates the exchange of Iranian finance exchange with European and global companies without hurting by US sanctions.

A spokeswoman for the European Union told IRNA earlier that the launch of this mechanism is in an advanced stage and “we hope to announce the very soon’.

Meanwhile, French Foreign Minister Jean-Yves Le Drian said Wednesday that he hoped the EU’s Special Purpose Vehicle to facilitate trade with Iran would be operational in the coming days.

Reportedly, this mechanism is due to be registered in France and its head is a German. Britain will also be its shareholders.

The Bloomberg Economic Network website released last night parts of a draft of EU ‘summing up’, which welcomed the initiative of Britain, France and Germany as ‘a positive impact on trade and economic relations with Iran, and most importantly the lives of the Iranian people’.