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MP: SPV benchmark of EU's strength against White House

Service : Politic
Tehran, Nov 5, ICANA - Member of the Parliament National Security and Foreign Policy Commission described EU's financial mechanism called Special Purpose Vehicle (SPV) as a pivotal test for Europe against the White House.
Tuesday, November 06, 2018 8:23:00 AM

Talking to ICANA, Alaeddin Boroujerdi stressed the significance of implementing SPV in line with the nuclear deal also known as the Joint Comprehensive Plan of Action (JCPOA).

He added the successful implementation of SPV is vital.

In a meantime, Iran's Foreign Ministry Spokesman said on Monday the EU's financial mechanism is progressing well and they hope it will be implemented in a shorter time.

Bahram Qassemi said, 'The mechanism has not been the subject of passage of time and is advancing smoothly.'

He pointed to Iran's constant contact with the European Union and 1+4 (the UK, France, China, Russia and Germany), adding, 'New mechanisms, especially in the monetary and financial sectors, are complicated and somewhat time-consuming and care should be taken when employing new mechanisms.'

US President Donald Trump announced in early May Washington would pull out of Iran nuclear deal, but the other signatories to the deal (i.e. Britain, France, Germany, China and Russia) have thus far hit out at the unilateral move and have repeatedly stressed their commitment to the deal and continuing trade with Iran.

As part of efforts to maintain trade with Iran, European Union proposed to establish the new mechanism to facilitate payments for Iranian exports.

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