(Persia Digest) – The CEO of the Central Bank Iran (CBI) has announced the opening of a new financial channel for Iranian and European exporters, emphasizing that this is a bilateral monetary treaty between the two.

Abdolnaser Hemmati tweeted on his twitter feed: “The details of the European Special Purpose Vehicle (SPV) for trade between Iran and the EU were discussed at a meeting in Brussels last week.

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The creation of a financial channel is based on the shared understanding that Iranian and European companies and economic actors will continue to maintain business relations with each other despite the unilateral US withdrawal from the JCPOA.

The SVP will be used to settle payment issues for both sides. This will enable European and Iranian exporters to receive payments for their exports.

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This will function as a bilateral monetary channel between Iran and the European Union. Both sides emphasize acceleration in the operation of the SPV. The details for the channel will be finalized soon and made public.”

Persia Digest reports that the EU, China, and Russia were opposed to the unilateral US withdrawal from the JCPOA and intend to keep the deal. Following the activation of the US blocking statute by the EU, the Union set up an SPV for trade with Iran. The High Representative of the European Union for Foreign Affairs and Security Policy, Federica Mogherini has announced that the SPV will begin work on 4 November 2018 to counter US banking sanctions against IRan.

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