German FM Heiko Maas: Iran Payment System Will Be Finalized Soon
Germany’s foreign minister said he is hopeful Europe in the coming weeks will be able to finalize its long-promised payment channel for conducting trade with Iran.
"We are working urgently to clarify the final requirements -- such as determining the country where the mechanism will be headquartered. That isn't easy in a confrontative situation with the US because it is, of course, trying to exert pressure," Heiko Maas said in an interview with the German magazine DER SPIEGEL.
Maa's comments come as Iran's criticism about Europe's delay in launching the special purpose vehicle (as the payment system is known) has increased in recent days.
Major European powers say they are working on a plan to establish the SPV in order to shield Iranian trade from the long reach of US sanctions by zeroing exposure to the dollar.
The crucial mechanism was meant to be in place before the new year but nothing has happened yet.
Officials in Tehran have expressed frustration with European procrastination in launching the SPV. Foreign Minister Mohammad Javad Zarif has said that while the Europeans ascribe the delays to the claim that they want to really make the mechanism "operational", the underlying reason is that “they are not yet ready to pay the cost of defying the US.”
During his trip to India this week, Zarif said Iran will not wait for Europe and build relations with its traditional partners like India, China and Russia.
source: Financial Tribune
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