19 Oct 2018
A special unit designed by the European Union to enable its firms to continue trading with Iran despite US sanctions could also be used by the bloc to avoid other US sanctions.
The Special Purpose Vehicle (SPV) is set to launch in November this year.
A French foreign ministry spokeswoman told Reuters: “The ongoing work on the special purpose vehicle should facilitate financial transactions for companies wishing to maintain trade relations with Iran, in accordance with European law.”
“It aims to create an economic sovereignty tool for the European Union beyond this one case. It is therefore a long-term plan that will protect European companies in the future from the effect of illegal extraterritorial sanctions.”
France is one of the country’s that backed the signing of a key nuclear deal which saw the removal of sanctions in Iran. Following this, several EU businesses began trading with Iran but some quit the country after US Preident Donald Trump re-imposed sanctions on Iran.
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