Mogherini says SPV to be announced in coming hours

TEHRAN, Jan. 31 (MNA) – EU foreign policy chief Federica Mogherini said Thursday that the establishment of Special-Purpose Vehicle will be announced in the coming hours.

She made the remarks while addressing the reporters in Bucharest, Romania as EU foreign ministers have gathered to exchange views on international issues.

“This step that France, Germany, and the UK are going to announce in a few hours is the establishment of Special-Purpose Vehicle,” she said, noting that it’s an economic component of the nuclear deal which Iran should benefit according to the deal.

“You will see my formal reaction to that, that would be of strong welcoming and support to the establishment of the Special-Purpose Vehicle.”

“This was decided back in the end of September in the margins UN General Assembly when we had the last meeting of the ministerial committee for the full implementation of the nuclear deal with Iran,” she noted.

“The European Union is fully behind the full implementation of the nuclear deal with Iran for the simple reasons that we see it is working. There are 13 reports now by the IAEA that Iran is fully compliant by its commitments and we believe this is a key element of our security in the region.”

SPV is a mechanism that will allow for legitimate trade to Iran and to continue it as foreseen in the nuclear agreement, she highlighted.

The European transactions channel for Iran will be called INSTEX (Instrument in Support of Trade Exchanges), NDR reported.

In May, US President Donald Trump announced that the United States would withdraw from the Iran nuclear deal, and re-impose sanctions against Iran that had been lifted under the agreement. The first round of restrictions came into force in August and the second on 5 November.

Despite Washington's unilateral move, the other parties to the deal — China, France, Germany, Iran, Russia, the United Kingdom, and the European Union — have expressed their commitment to the JCPOA.

MAH

News Code 142071

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