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General

Iran-EU SPV getting finalized

Tehran, Special Purpose Vehicle (SPV) aimed at keeping trade flowing between the European Union and Iran in the face of the US sanctions is getting finalized.

Central banks of seven European states are engaged in designing the new trade mechanism.

The European Union's foreign policy chief, Federica Mogherini said last Monday that SPV aims to create a legal channel for easing financial transactions with Iran.

Details of the SPV have not yet been declared. The SPV aims to keep trade flowing even if possible U.S. sanctions hit Tehran.

The idea for creating SPV was first floated in a meeting of foreign ministers from UK, China, France, Germany, Russia and Iran on the sidelines of the United Nations General Assembly meeting.

Source: Islamic Republic News Agency - IRNA


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