The European Commission said it’s seeking to launch “very soon” a special purpose vehicle to help European companies bypass U.S. sanctions on Iran, with three European diplomats saying the official unveiling could come as early as Monday.
Progress has been slow in developing the SPV, a key element of the European Union’s effort to keep Iran from quitting the Joint Comprehensive Plan of Action, the 2015 accord to constrain the nation’s nuclear activities in exchange for sanctions relief. The U.S. pulled out of the deal in May and has since reimposed sanctions.
The EU, led by France, Germany and the U.K., has struggled to find a government willing to host the vehicle, which risks drawing criticism from the American administration. Still, EU foreign policy chief Federica Mogherini had said in December that the SPV would be established by the start of 2019.