(Persia Digest) – The head of Iran’s Trade Promotion Organization has announced certain details of the Special Purpose Vehicle (SPV) for trade with Iran which will be operated by the three EU countries - France, Germany, and the UK.

Mohammad-Reza Modudi stated: “The SPV is an intermediary which will help cooperation with Iran’s banking system.”

He added that the mechanism has been set up by countries who intend to resist US actions against Iran, saying: “This financial vehicle will probably be headquartered in France, managed by Germany, and executed by the UK.”

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He said: “The three European countries are working together to run the mechanism to keep their commitments in the 2015 JCPOA nuclear deal with Iran and also avoid US punitive actions.”

Modudi stressed: “The extent to which the SPV will provide the opportunity to link Iranian and European companies to include all non-sanctioned goods, or whether it will simply provide humanitarian aid to Iran is still unclear.”

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Europe to make good on SPV promise to Iran

Iran not aware of EU SPV launch date

German FM: SPV final touches being applied

Persia Digest (PD) reports that following the US unilateral exit from the 2015 JCPOA Iran nuclear deal in April and the reinstatement of sanctions against this country, Iran announced that if its interests in the JCPOA were met and guaranteed by the Europeans, it would continue to honor its obligations under the deal. European countries also promised to startup the SPV mechanism to stop the effects of the returned sanctions on Iran. Nevertheless, the SPV is not operational yet and the US has recently threatened the EU with punitive action if it tries to circumvent the Iran sanctions.

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