Iran dissatisfied over Europe’s delay in implementing the SPV; the Europeans vow to fulfill commitments

Tabnak – Since the time US President Donald Trump announced his decision on May. 8 to withdraw from the nuclear deal with Iran, the European parties of the deal have been saying that they’re trying to establish special measures for continuing cooperation with Iran. However, their deal in fulfilling commitments seems to be putting at risk the prospects for the deal to remain alive.

In this vein, Iranian Deputy Foreign Minister Seyed Abbas Araqchi says whether unable or unwilling, the European Union has failed to create the Special Purpose Vehicle (SPV), the mechanism aimed at facilitating trade with Iran in the US sanctions era.

Addressing a conference on regional developments and Iran’s foreign policy in Tehran on Monday, Araqchi pointed to the US moves against the Islamic Republic and said Washington’s pressures aim to prevent the formation of the SPV and cut off ties between Iran and the EU.

The US government has threatened that it would impose sanctions on countries involved in the SPV, the Iranian diplomat added. “We are faced with a situation in which Europe has not been able or willing to establish a mechanism to meet Iran’s demands,” Araqchi noted.

However, European Union Foreign Policy Chief Federica Mogherini says work is continuing on the SPV, but gave no specific date as to when it is going to be implemented.

“You have to ask the Foreign Ministers of France, Germany and the UK. Our work continues, their work continues and we support it,” she said in response to a question as to when the SPV is going to be ready.

“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. And again, as I said, the involvement of the Finance Ministers of these three Member States, but also of other Member States is, I think, a crucial step that makes me think that it will be delivered sooner rather than later,” Mogherini said.

On May 8, the US president pulled his country out of the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal that was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany). Following the US exit, Iran and the remaining parties launched talks to save the accord.