Code: 718898 A

The European Union will officially announce in the coming week the launch of a special payment channel aimed at circumventing the United States’ sanctions to facilitate trade with Iran, informed European sources said.

The sources told the Iranian Diplomacy news website that the process of making decisions over details of the financial mechanism is complete and final consultations will be held by the EU in the next couple of days before officially announcing its launch next week.

The special purpose vehicle (SPV) 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.

Despite US President Donald Trump's hostile policy towards the Joint Comprehensive Plan of Action (JCPOA), the head of the European Commission Jean-Claude Juncker said on October 6, that the EU should remain strong on its' commitment to the historic Iran nuclear deal.

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European Union SPV launch
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