The former chair of the European Parliament delegation for relations with Iran said that details of Special Purpose Vehicle (SPV) are confidential as the Economy Ministers of the European countries, especially UK and France, working on them which will be released soon.

Iran news: European officials are working on SPV and are trying to finalize it as soon as possible, said Tarja Cronberg in a meeting with the head of Iran Chamber of Commerce, Industries, Mines and Agriculture Gholam-Hossein Shafeie, Iran Press reported.

“Britain, France and Germany are seriously working on SPV, but we should consider that it is a new experience both for Iran and the EU which has made the process delayed”, she added.

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The main purpose of SPV is to drop out dollar in financial transactions between Iran and EU. A transparent environment is to be established in order to expand trade relations. 

Stressing that the details of SPV are confidential, Cronberg added that Iranian and European enterprises should be trained how to use it. 

She expressed hope that, as European Foreign Policy Chief Federica Mogherini said recently, SPV gets finalized by the year end, but it takes more time before the enterprises can officially utilize it. 

The small- and medium-sized enterprises (SME) benefit from SPV the most. SPV can used as a channel where humanitarian trade could come through, she noted.

Earlier on December 5, Iranian Foreign Minister, Mohammad Javad Zarif said that the European Union has developed special purpose vehicle (SPV) to save the 2015 Iran nuclear deal, and it will soon be in place.

Speaking to reporters, Mohammad Javad Zarif added, he had been informed during his latest trips to Brussels and Geneva that Europe has made the final arrangements for the SPV and the financial mechanism will be unveiled in the near future. 

Considering that the US is seeking information about the SPV finance-trade mechanism, and may attempt to hinder its development, the Europeans are handling the process of establishing the SPV confidentially until achievement of the final result, Zarif said, adding that Europe itself is pressing ahead with the process and will make announcements after reaching results.

Elsewhere in his comments, Zarif once again rejected the allegations raised by US officials that Iran’s missile program violates the UN Security Council Resolution 2231, reiterating that Iran’s missiles have pin-point accuracy and have been designed to carry conventional warheads.204/203 

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