Sep 28, 2018, 11:52 PM
News Code: 83047361
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Araqchi: EU’s SPV will go into force by Nov

New York, Sept 28, IRNA – Deputy Foreign Minister for Political Affairs Seyyed Abbas Araqchi said on Friday that EU’s special purpose vehicle (SPV) intended for easing banking and trade transactions with Iran will take effect on November 4.

In an exclusive interview with IRNA in the UN, he commented on talks with the EU in a bid to counter the US unilateral sanctions, saying that Europeans have to establish the mechanism before November 4, when the new round of sanctions are to start.

“Europeans are aware of our expectations that the SPV’s structure should be clear by then and at least some section of the mechanism should start working,” he said.

Noting that the sanctions the US claims that will start on November 4 have already begun, Araqchi argued that the countries which cannot buy oil from Iran as of November 4 have earlier stopped their imports.

In fact November 4 have had official aspect and a strange thing is not supposed to happen on this day, Araqchi said.

Araqchi is accompanying Foreign Minister Mohammad Javad Zarif during his visit to New York to attend the 73rd meeting of the UN General Assembly.

The European Union’s foreign policy chief, Federica Mogherini, said on Wednesday a so-called Special Purpose Vehicle (SPV) under consideration to facilitate trade with Iran could be in place “before November.”

The SPV aims to keep trade flowing even if possible US sanctions hit Tehran. Asked at an event in New York when it could be established, Mogherini said: “I believe before November.”

European diplomats have previously described the SPV proposal as a means to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.
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