Jan 8, 2019, 5:25 PM
News Code: 83163647
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EU: Europe SPV mechanism proceeding well

Tehran, Jan 8, IRNA - Spokesperson for the EU Foreign Affairs and Security Policy Maja Kocijančič says the SPV (Special Purpose Vehicle for trade) mechanism for trade with Iran is proceeding well.

The EU is supporting European countries' efforts as regards the SPV, Kocijančič told reporters on Monday.

The Special Purpose Vehicle is a non-dollar payment channel created by Europe to keep trade flowing with Iran in defiance of the US sanctions.

She refused mentioning the exact date but said SPV will be launched soon.

Expressing satisfaction over the SPV process, she said it is part of the EU extensive efforts for preserving Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA).

This is while earlier, Foreign Ministry spokesman Bahram Qasemi criticized the European Union for delay in implementation of the SPV following the US exit from Iran nuclear deal, saying that the country deems EU responsible for not implementing the mechanism.

“The Europeans as the main beneficiary should think about the consequences of the decision, as Iran has so far fulfilled all its commitments under the JCPOA,” he said, noting that Iran’s patience is wearing thin and it is time for the EU to take its strategic decision.

“Dollar dominance as well as interconnection of the EU and US economies are among the reasons behind SPV delay,' he said, noting that the EU and even the three countries favoring SPV are also captive and hostage of the US economy in JCPOA. He noted that they should make decision for their independence.

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