Jan 25, 2019, 1:03 PM
News Code: 83183123
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EU says preparations for Iran SPV are at ‘advanced stage’

Tehran, Jan 25, IRNA - The European Commission said it’s seeking to launch “very soon” a special purpose vehicle to help European companies bypass US sanctions on Iran, with three European diplomats saying the official unveiling could come as early as Monday, according to Bloomberg.

The American website further claimed that 'Progress has been slow in developing the SPV, a key element of the European Union’s effort to keep Iran from quitting the Joint Comprehensive Plan of Action after the US pulled out of the deal in May and has since reimposed sanctions on Tehran.

The EU, led by France, Germany and the UK, has struggled to find a government willing to host the vehicle, which risks drawing criticism from the American administration. Still, EU foreign policy chief Federica Mogherini had said in December that the SPV would be established by the start of 2019, it said.

According to Bloomberg, Mogherini’s spokeswoman on Thursday indicated that work remains to be done.

“The SPV preparations have progressed; they are at an advanced stage,” the spokeswoman, Maja Kocijancic, told reporters in Brussels. “I hope that we can announce the launch very soon.”

The Trump administration has considered such effortsan attempt to evade its “maximum pressure” campaign on Iran. The U.S. will fully enforce its sanctions and hold accountable any individuals or entities that undermine them, according to an administration official who spoke on condition of anonymity.

Officials representing the bloc’s 28 governments are set to discuss a draft text welcoming the agreement on the SPV at a meeting in Brussels on Friday, according to a person familiar with the process, the website added.

The governments could then formally adopt it at their next regular meeting, which would be on Monday, the person said.

The EU has been considering a plan for Germany, France and Britain to share responsibilities for the special vehicle, two people familiar with the discussions told Bloomberg in December. Under that proposal, the entity could be based in France and led by a German, with the UK also playing a role, according to one of the people.

Special Purpose Vehicle (SPV) will be launched in a short time, a European official said on Thursday.

Earlier this week, a European official told the Islamic Republic News Agency (IRNA) on the condition of anonymity that the EU remains committed to implementing the nuclear deal as a matter of respecting international agreements and also out of its shared international security.

He said Iran is to play a constructive role in this regard and to continue implementing all its nuclear commitments in full.

To preserve the agreement, the official said the EU has been and is putting in place concrete solutions.

This is while earlier, Iran's 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 the EU responsible for not implementing the mechanism.
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