Procrastinated SPV Weakening Iran’s Public Trust in Europe

The awaited European Union’s promise to establish the Special Purpose Vehicle (SPV) for carrying out financial transactions with Iran has not been put into place, Head of Iranian Parliament's Research Center Kazem Jalali said on Saturday, adding that EU’s procrastination is undermining public trust in Europeans.

Head of Iranian Parliament's Research Center Kazem Jalali said today that “Special Purpose Vehicle” (SPV) has not yet started operating, adding "owing to prolonged delays in the operation of EU's trade mechanism, Iran's public trust in Europe has been distorted."

Unfortunately, EU was expected to put SPV in place sooner, however their long delays have distorted Iran's public trust, Jalali higlhighted.

The member of the National Security and Foreign Policy Commission of Iranian Parliament added that "unfortunately, we have not heard any particular news regarding the operation and implementation of so-called Special Purpose Vehicle (SPV) to facilitate trade with Iran”.

In response to those who believe that setting up EU's financial mechanism is timely, Jalili said, "Europeans have had enough time to put the so-called mechanism in place, and they have not yet fulfilled their obligations seven months after the US' unilateral withdrawal from JCPOA."

Iran and the EU are working on Special Purpose Vehicle (SPV), which will replace the SWIFT system and will allow to circumvent US sanctions against Tehran. The mechanism aims to keep trade flowing in case of US sanctions against Tehran.

Europeans' honesty in dealing with the Iran nuclear deal 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.