Work continues on SPV to bypass US sanctions against Iran

"The involvement of the finance ministers of the E3 [France, Germany, UK] is of key importance at this stage. They are working hard to finalize it. I cannot tell you a date, but I can tell you that work is continuing and is progressing in a positive manner," Mogherini said on the sidelines of the EU Foreign Affairs Council, according to Sputnik.

In May, US President Donald Trump announced that the United States would withdraw from the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), and re-impose its sanctions against Iran that had been lifted under the agreement. The first round of the US restrictions came into force in August, and the second batch, targetting the country's oil and banking sectors, came into effect on Nov. 5.

Other parties to the deal – China, France, Germany, Iran, Russia, the United Kingdom and the European Union – have, however, expressed their commitment to the accord and are working on instruments to bypass the US restrictions.

As the implementation of the financial mechanism seems to be going through a lengthy process, Iranian Foreign Minister Mohammad Javad Zarif says Iran cannot continue with JCPOA without receiving its economic benefits, urging the EU to pace the development of the plan.

Zarif added that discussions on the issue are still in progress, and Iran is in contact with the European sides in order to settle the situation.

He maintained that Iran has several options and will adopt one that best suits its national interests and defined mechanisms.

According to him, the EU is having some difficulty with finding a country to host a special mechanism to trade with Iran.

“Some countries have been proposed to host [the SPV], but they declined; as such, negotiations are still on going to find a host country,” Zarif added.

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