International Shia News Agency
All NewsEuropeFeaturedMiddle EastNEWS BRIEFSOther Newsworld

Mogherini: EU’s SPV could be in place by year’s end

SHAFAQNAThe European Union will establish a financial mechanism, also known as special purpose vehicle (SPV), to facilitate non-dollar trade with Iran before year end, European Union’s foreign policy chief said on Monday.

“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 on Monday.

The top EU diplomat did not offer any other details following a meeting of the bloc’s foreign ministers in Brussels, but said work on creating the mechanism was “advancing well”, press tv reported.

Mogherini made the remarks at a press conference on the sidelines of a meeting of European foreign ministers in Brussels.
The European foreign ministers are unanimous that the 2015 nuclear deal with Iran has to be saved, Mogherini said, IRNA reported.

US President Donald Trump withdrew his country in May from the landmark Iran nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), and decided to re-impose unilateral sanctions against Tehran.

Under the deal, reached between Iran and six major powers — the United States, Britain, France, Germany, Russia and China — Tehran agreed to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions.

The Trump administration announced early in November the re-imposition of the “toughest” sanctions ever against Iran’s banking and energy sectors with the aim of cutting off the country’s oil sales and crucial exports.

A first round of American sanctions took effect in August, targeting Iran’s access to the US dollar, metals trading, coal, industrial software, and auto sector.

In today’s meeting, the foreign ministers of the three European parties to the deal offered a report about the steps in completion of SPV which was supported by the member-states, Mogherini said.

Despite Washington’s withdrawal, Iran has not left the landmark nuclear deal yet, but stressed that the remaining signatories to the agreement have to work to offset the negative impacts of the US pullout for Iran if they wanted Tehran to remain in it.

The other parties to the JCPOA have repeatedly announced that the deal is working and should stay in place.

 

Read more from Shafaqna:

Must act soon if it wants to keep the nuclear agreement alive

Iran cannot ‘wait forever’ for EU’s promised SPV

Related posts

Sarkhosh booked ticket to World Snooker Tour

rahman samadreza

Yasar Dogu tournament 2024: Vafaeipour wins gold

rahman samadreza

Iranian Greco-Roman wrestling team winner of the Vehbi Emre Tournament 2024

rahman samadreza

Iran’s Tabatabaei Champion of Russian Chess Tournament

rahman samadreza

Iran’s Rostami won silver in Para Powerlifting World Cup 2024

rahman samadreza

Iran’s boxers in Italy for Paris Olympics qualifications

rahman samadreza

Leave a Comment