EU and Iran agree to create ‘special vehicle’ to maintain trade despite US sanctions
The remaining signatories of the Iran nuclear deal announced on Monday that they would establish a channel to facilitate payments for Iran’s exports, including oil, as well as its imports. The decision was reached after high level, closed-door talks at the UN in New York.
“Mindful of the urgency and the need for tangible results, the participants welcomed practical proposals to maintain and develop payment channels notably the initiative to establish a Special Purpose Vehicle (SPV) to facilitate payments related to Iran’s exports, including oil,” Britain, China, France, Germany, Russia and the EU said in a joint statement.
The group said they were determined “to protect the freedom of their economic operators to pursue legitimate business with Iran.”
An SPV could breathe life into the 2015 Joint Comprehensive Plan of Action (JCPOA), the Iran nuclear deal, and was long sought by Tehran in order to counter the re-imposition of sanctions triggered by the US exit from the deal.