Official Says EU May Start Using SPV for Trade with Iran Soon

Iranian Deputy Foreign Minister Seyyed Abbas Araqchi said Tehran and the European Union are in close touch on SPV (Special Purpose Vehicle for trade) mechanism as EU hopes start using the conduit soon.

"Despite the US unilateral withdrawal from the Joint Compressive Plan of Action (JCPOA), the European Union has introduced special financial mechanism for trade with Iran in a bid to confront the negative impact of the US illegal sanctions," Araqchi said.

He noted that Europe wants to facilitate Iran-Europe payments through Special-Purpose Vehicle after the US illegal sanctions on Iran, and some unanticipated problems.

Araqchi added that there are no special conditions for Iran to participate in the SPV; however, under the mechanism there are some rules which the Iranian banks need to follow to implement the financial system.

In relevant remarks late November, Iranian Vice-President and Head of the Atomic Energy Organization of Iran (AEOI) Ali Akbar Salehi condemned the US pullout of the 2015 nuclear agreement and its pressure on other signatory states to reinstate the sanctions, and asked for efforts to find ways to continue cooperation even under US pressure.

Salehi made the remarks on Monday while addressing the 3rd High-level Seminar on International Nuclear Cooperation underway in Brussels.

Reminding that the International Atomic Energy Agency (IAEA) has confirmed Iran's compliance to its commitments for thirteen consecutive times, Salehi asserted that the US' moves with excuses like accusing Iran of violating the agreement seems illogical to all independent countries.

He underlined that he did not intend to talk about the "ill-wished" behavior of the US, emphasizing that the meeting is aimed to increase Iran-Europe cooperation on expanding peaceful atomic energy.

source: FARS News Agency