US pressure has delayed execution of Iran-EU’s trade mechanism

Ghasemi made the remark in his press conference on Monday, while discussing the latest development regarding EU’s promised Special Purpose Vehicle (SPV), a mechanism which is supposed to bypass US sanctions against Tehran.

The mechanism is part of the EU’s efforts to encourage Iran to remain in the nuclear deal following the unilateral withdrawal of the US back in May, by offering an alternative payment channel to keep trade flowing with Iran in defiance of US sanctions.

“The case is clear, as are Iran’s expectations from the other sides,” Ghasemi said. “Due to some reasons, the framwork of the payment channel has notfully formed in certain areas, and we insist on a faster result given the commitments of the other sides.”

Ghasemi voiced hope that the sides would come to an agreement regarding the implementation of the trade mechanism as soon as possible.

The special payment channel needs a host country to come into effect. According to a report by the Wall Street Journal on Nov. 26, France and Germany – as the two remaining European parties to the JCPOA – are the likely candidates to host the SPV.

“Arriving at the desired result for the trade mechanism will take time,” said Ghasemi. “But we see the commitment on the European side, and the only reason that the implementation process is taking so long is because of the US’ immense pressure on Europe that has complicated the case.”

To be updated...

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