EU Promises to Implement SPV before Yearend

European Union Foreign Policy Chief Federica Mogherini announced that the EU will establish a mechanism to facilitate non-dollar transactions with Iran in the near future in a bid to bypass the sanctions imposed by the United States against Tehran.

"I will expect this instrument to be established in the coming weeks before the end of the year as a way to protect and promote legitimate business," Mogherini told reporters in Brussels on Monday.

Mogherini, however, declined to reveal more details on the financial mechanism.

The EU foreign policy chief reiterated that the EU foreign ministers all agree on the preservation of the Joint Comprehensive Plan of Action (JCPOA).

"Iran's compliance with the JCPOA has been confirmed by the IAEA thirteen times so far," Mogherini said, adding that Europe expects Iran to remain committed to the deal as usual.

She also underlined that the special financial mechanism, also known as the Special Purpose Vehicle (SPV) to continue trade with Iran under US sanctions, will be put into operation in the coming weeks.

The SPV which was promised by Iran’s key European trading partners back in September after a meeting of foreign ministers of the remaining signatories to Iran nuclear on the sidelines of the UN General Assembly meeting in New York after the US withdrawal from the nuclear deal is supposed to keep Iran’s financial relations with Europe alive under the US sanctions.

Europeans' honesty in dealing with Iran nuclear deal of July 14, 2015 is seriously doubted by Iranian masses that are discontent with talks with European counterparts.

In contrast with what European politicians and government are stating, many experts in Iran are suspicious of Europe's genuine commitment to the letters of the nuclear agreement of July 14, 2015, and are voicing their discontent with what they describe as Europe's strategy of killing time.

Even some commentators like Seyed Mostafa Khoshchashm are calling the Iranian government to start meaningful modifications in JCPOA undertakings, and specially remove the cap on the country's enriched uranium stockpile after the US unilateral withdrawal from the agreement; a call which is gaining momentum among the Iranians.

source: FARS News Agency