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EU’s SPV to take effect before yearend: Mogherini

London, A financial mechanism, also known as special purpose vehicle (SPV), that the European Union has proposed to facilitate trade with Iran has been finalized and is expected to come into force before yearend, EU Foreign Policy chief Federica Mogherini said.

Mogherini made the remarks at a press conference on the sidelines of a meeting of European foreign ministers in Brussels but declined to provide further details on the socalled special purpose vehicle, a system which is viewed as a mechanism for EU members to keep doing business with Iran despite the US sanctions on Tehran.

The European foreign ministers are unanimous that the 2015 nuclear deal with Iran has to be saved, Mogherini said.

US President Donald Trump backed out from a hardwon multilateral nuclear deal with Iran in May arguing the accord did too little to curb Iran's nuclear program.

He imposed two rounds of sanctions on Iran, the second of which came into force on Nov 5.

Other signatories to the deal the UK, France, Germany, China and Russia opposed Washington's move saying they will do their best to save the deal.

Trump's withdrawal from Iran nuclear deal took place while the UN Atomic watchdog, in repeated reports, has confirmed Iran's commitment to the deal.

Mogherini said that Europe honors its pledges about Iranian people being entitled to benefit from the advantages of the lifting of sanctions as a result of reaching the deal.

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 memberstates, Mogherini said.

Source: Islamic Republic News Agency IRNA

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