EU Lacks Needed Structures to Develop SPV: Iran

TEHRAN (Tasnim) – Iranian Foreign Ministry Spokesman Bahram Qassemi said the European Union lacks the structures needed to create the special purpose vehicle (SPV), the mechanism aimed at facilitating trade with Iran in the US sanctions era.

EU Lacks Needed Structures to Develop SPV: Iran

Speaking to reporters at his weekly press conference in Tehran on Monday, Qassemi said although the EU is willing to finalize the SPV, there has been too much delay.

“Europe has shown that it does not have the necessary structures to implement this new mechanism and is under strong pressure from the United States,” he said.  

“The US is trying to prevent this type of cooperation from being materialized by any means,” the spokesman added.

“In our opinion, there is too much delay and we sense their inability to a great extent,” Qassemi went on to say. 

The European Union has vowed to counter US President Donald Trump’s renewed sanctions on Iran, including by means of a new law to shield European companies from punitive measures.

On May 8, the US president pulled his country out of the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal that was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

Following the US exit, Iran and the remaining parties launched talks to save the accord.

Trump on August 6 signed an executive order re-imposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.

He said the US policy is to levy “maximum economic pressure” on the country.

The second batch of US sanctions against the Islamic Republic took effect on November 4.

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