Jan 08, 2019 14:58 Asia/Tehran
  • Maja Kocijancic, spokesperson for the EU foreign policy chief
    Maja Kocijancic, spokesperson for the EU foreign policy chief

A spokesperson for the EU foreign policy chief, Federica Mogherini, said work is under way to create a trade mechanism with Iran, and it will be launched soon.

Iran Press/ Iran news: Maja Kocijancic on Monday in Brussels added that the bloc is still working on setting up a payment mechanism to facilitate trade with Iran and bypass US sanctions, Kuwait News Agency (KUNA) reported.

Kocijancic said: "Actually, this is the work that is carried out by the (EU) member states. And according to the information that we have, the work is continuing and advancing well."

She said that a trade mechanism, formally known as the Special Purpose Vehicle (SPV) will be established in the coming weeks to help European companies who want to engage in legitimate business with Iran.

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The spokesperson went on to add that this is part of the broader efforts of the European Union to preserve the nuclear agreement as long as Iran continues to respect its nuclear-related commitments.

Meanwhile, on Jan 06, 2019, Iran's Foreign Ministry spokesman Bahram Ghassemi criticized European Union for delaying the implementation of SPV, arguing the delay is the responsibility of the EU, and that there is a limit to Iran's patience.

The US unilaterally withdrew from the Iran nuclear deal (JCPOA) last May and re-imposed sanctions on  Tehran targeting Iran's banking and oil and gas industry.

After that, the EU promised to set up an alternative payment mechanism for Iran to continue business with the Islamic Republic in exchange for the country remaining within the nuclear agreement.

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