Iran’s Zarif: Special purpose vehicle (SPV) to Be Launched Soon

Iranian Foreign Minister Mohammad Javad Zarif said a special purpose vehicle (SPV) that the European Union has developed to save the 2015 Iran nuclear deal will be in place soon.

Speaking to reporters on the sidelines of a weekly cabinet session in Tehran on Wednesday, Zarif said he had been informed during last week’s trips to Brussels and Geneva that Europe has made the final arrangements for the SPV and the financial mechanism will be established in the near future.

Considering that the US seeks to get information about and hinder any development that is in favor of Iran, the Europeans are handling the process of establishment of the SPV confidentially until achievement of the final result, Zarif said, adding that Europe itself is pressing ahead with the process and will make announcements after reaching results.

EU countries led by France, Germany and Britain -signatories to the 2015 Iran nuclear deal- want to enable non-US trade with Iran to continue in defiance of Washington.

The EU has devised the SPV, a financial mechanism, to continue trade with Iran and neutralize the US sanctions against Tehran.

On May 8, US President Donald Trump pulled his country out of the JCPOA, which was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).