Nov 21, 2018 19:39 Asia/Tehran [Updated: Aug 31, 2019 10:59 Asia/Tehran]
  • Araghchi: New initiatives on SPV are under development

Iran's deputy foreign minister has said new initiatives on Special Purpose Vehicle (SPV) are under development.

Iran Press/Iran news: Iran's Deputy Foreign Minister, Abbas Araghchi said on Wednesday EU's political will to preserve the nuclear deal known commonly as the Joint Comprehensive Plan of Action (JCPOA) is serious and new initiatives on SPV are being developed.

The SPV (Special Purpose Vehicle) could be used to help match Iranian oil and gas exports against purchases of EU goods in an effective barter arrangement circumventing US sanctions, and avoiding the use of dollar for oil sales.

Araghchi said the Europeans are working on new initiatives in relation to the previously promised SPV, adding that Iranian experts are negotiating with them in that regard.

"Yesterday and today, I had good meetings with political directors and nuclear negotiators of the UK and France in Tehran. The political will of the European Union and the three European countries to preserve the JCPOA is still strong,” Abbas Araghchi has just posted on his Twitter account.

New initiatives in reference to SPV are being developed and our expert talks with them are continuing,” Araghchi added.

The Special Purpose Vehicle (SPV) which was promised by Iran’s key European trading partners back in September after a meeting of foreign ministers of the remaining signatories to Iran nuclear on the sidelines of the UN General Assembly meeting in New York is supposed to keep Iran’s financial relations with Europe alive under the US sanctions.

Related news:

Work continues on SPV: Mogherini

Islamic republic of Iran has warned it could scrap JCPOA, if the EU fails to preserve the deal’s economic benefits for Iran.

The EU's foreign policy chief, Federica Mogherini, said on Nov. 14, 2018 the block is maintaining Iran nuclear deal, not for the sake of interests and trade, but for security reasons.

"If EU maintain JCPOA, the block will be able to achieve further progress with Iran over Yemen, Iran's missile programs, Afghanistan and Central Asia," Mogherini said at a session organised by the International Crisis Group, in Brussels.

Recently, Iranian President, Hassan Rouhani has highlighted the unilateral withdrawal of the US from the international agreement, as illegal conduct.

He emphasized the international community's commitment to confronting unilateralism and maintaining peace. 101/210


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EU seeking non-dollar trade with Iran

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Tehran, London discuss SPV, regional issues