EU Foreign Policy Chief: Trade Vehicle To Circumvent U.S. Sanctions On Iran Nearly Complete
European Union foreign policy chief Federica Mogherini revealed that a mechanism being devised specifically to circumvent American sanctions and allow for continued non-dollar trade with Iran will likely be completed within the month. Diplomats in Brussels have over the past half-year been working feverishly with their Iranian counterparts to finalize the so-called Special Purpose Vehicle (SPV) to help preserve the economic benefits Tehran received as part of the 2015 nuclear deal, from which President Donald Trump withdrew the United States in May. The EU aimed to have the SPV in place by now but ran into delays as member states feared that its establishment within their borders would expose them to the American financial penalties. France and Germany are expected to take joint responsibility for the SPV, although officials have indicated that the scope of the initiative could be scaled back and not include oil trade. The maneuvering comes as Brussels weighs leveling its own sanctions on the Islamic Republic after the Iranian regime was implicated in foiled terrorist plots this summer in France and Denmark.