BRUSSELS (Reuters) – The European Union’s foreign policy chief said on Monday a system to facilitate non-dollar trade with Iran and circumvent U.S. sanctions could be in place by year’s end.
The European Union wants the so-called Special Purpose Vehicle (SPV) to help preserve the economic benefits for Iran deriving from the curbs it placed on its nuclear programme under a 2015 deal with world powers, from which President Donald Trump withdrew the United States in May.
EU diplomats had hoped to have the SPV in place by now but ran into delays as member states balked at hosting it for fear of being targeted by the revived U.S. sanctions regime against Iran.
Asked about progress on the SPV, EU foreign policy chief Federica Mogherini told reporters: “I would expect this instrument to be established in the coming weeks so before the end of the year as a way to protect and promote legitimate business with Iran.”
She 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”.