European Union is creating special purpose vehicle (SPV) intended for easing banking and trade transactions with Iran, Iranian Deputy Foreign Minister Abbas Araghchi said.
The diplomat noted that this is the important element in SPV which can be used by not only Europeans but also by other Iran's partners. "We hope that before the reimposition of the second part of the US sanctions [on November 4] these mechanisms can be in place and be functional," Sputnik cited him as saying.
At the same time Araghchi stressed that it was "not a vehicle only between Iran and the EU."
Last week, EU foreign affairs chief, Federica Mogherini, said that the foreign ministers of the remaining signatories to the Joint Comprehensive Plan of Action (JCPOA) had agreed to create a Special Purpose Vehicle (SPV) that would facilitate trade between European companies and Iran amid US sanctions against Tehran.
Mogherini explained that the legal entity would be established to enable European companies to continue legitimate transactions with Iran in accordance with EU legislation.
