EU's Mogherini says promised SPV to Iran to be in place in coming weeks

EU’s High Representative of the European Union for Foreign Affairs and Security Policy Federica Mogherini made the remarks in a press conference on Monday, adding that she could not reveal more detail on the financial mechanism yet.

Mogherini said that the European foreign ministers all agree on the preservation of the Iran nuclear deal, also known as the JCPOA.

She said that Iran’s compliance with the JCPOA has been confirmed by the IAEA thirteen times so far, adding that Europe expects Iran to remain committed to the deal as usual.

The EU foreign policy chief further stressed that the Iranian people need to benefit from the removal of sanctions under the JCPOA.

She also underlined that the special financial mechanism, also known as the Special Purpose Vehicle (SPV) to continue trade with Iran under US sanctions, will be put into operation in the coming weeks.

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