Unfulfilled European promises, continuous Iranian warnings, obscure the future of JCPOA

Tabnak – Over a month after the re-imposition of new round of American sanctions against Iran, the European parties of the deal are yet to fulfill their promise of establishing a special financial channel to help Iran circumvent the sanctions. Meanwhile, the Iranian officials warn that the option of developing nuclear activities in case of the collapse of the nuclear deal is still on the table.

According to a European official, Europe is “working twenty-four seven” to launch the Special Vehicle Purpose (SPV), a payment mechanism aimed at facilitating business with Iran in the face of US sanctions. However the details of the process are confidential, former head of the European Parliament’s delegation for relations with Iran Tarja Cronberg said.

“The European officials in charge of the SPV are working on it twenty-four seven, trying to bring it into operation as soon as possible,” she told the news website of Iran Chamber of Commerce on her visit to Tehran.

The mechanism is a totally new experience both for Iran and the European Union, and this has resulted in some delay in the process, she said. “A lot of education will be needed for the companies on our side and on Iran’s side, so that we know how to use and take best advantage of it.”

Cronberg said the finance ministers of France, Germany, and the United Kingdom are working on the mechanism, but the details are secret.

A former Finnish minister of labor and a current member of the executive board of the European Leadership Network, Cronberg also expressed hope that the mechanism would be finalized by the end of the year.

Meanwhile, Iran’s nuclear chief says the Islamic Republic is not "bluffing" when it says it is ready to resume twenty-percent uranium enrichment in the Fordow nuclear facility in case other parties to the Iran nuclear deal fail to save the 2015 accord.

Ali Akbar Salehi said that under the Joint Comprehensive Plan of Action, Iran accepted to put confidence-building curbs on its nuclear program, but they do not obstruct the “peaceful activities of Iran’s nuclear industry”.

“The enrichment is currently underway, but we would put aside the 300kg limit [set by the nuclear agreement] whenever we wish, and would do the enrichment at any volume and level,” Salehi said in an interview with state TV on the sidelines of a visit to the Fordow nuclear facility.

“We currently have 1,044 centrifuges in Fordow, and if the establishment wants, we will restart 20-percent uranium enrichment in Fordow,” he noted.

He expressed hope that the remaining parties to the nuclear agreement would deliver on their promise and implement their commitments in order to fill the gap created by the US after its unilateral withdrawal from deal, officially known as the Joint Comprehensive Plan of Action (JCPOA).

The Trump administration announced on November 5 the “toughest” sanctions ever against Iran's banking and energy sectors with the aim of cutting off its oil sales and crucial exports.

The bans had been lifted under the 2015 nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA).

A first round of American sanctions took effect in August, targeting Iran's access to the US dollar, metals trading, coal, industrial software, and auto sector.