Iran Press/ Europe: EU diplomats said the main European powers - Germany, France and Britain - have suggested to Luxembourg to host SPV after Austria refused to manage the plan.
According to Reuters, the SPV could be used to help match Iranian oil and gas exports against purchases of EU goods in an effective barter arrangement circumventing US sanctions, based on global use of the dollar for oil sales.
Islamic republic of Iran has warned it could scrap the Joint Comprehensive Plan of Action (JCPOA), known commonly as the 2015 Iran nuclear deal, if the EU fails to preserve the deal’s economic benefits for Iran.
The goal was to have the SPV legally in place by this month though not operational until next year, six EU diplomats told Reuters.
The SPV is seen as the lynchpin of European efforts to salvage the nuclear accord, from which US President Donald Trump withdrew in May, calling it flawed in Iran’s favor.
Belgium and Luxembourg are two possibilities, the diplomats said, although they have not commented publicly.
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Luxembourg is seen as a good candidate to manage the Iran SPV given its experience setting up a similar mechanism during the 2009-12 euro zone financial crisis.
Mogherini: EU keeps JCPOA
The EU's foreign policy chief, Federica Mogherini, said 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 on Wednesday at a session organised by the International Crisis Group, in Brussels.
Iranian President, Hassan Rouhani has highlighted the unilateral withdrawal of the US from the international agreement, as illegal conduct and emphasized the international community's commitment to confronting unilateralism and maintaining peace. 101/210
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