EU foreign policy chief Federica Mogherini said on Monday that date of creation of the EU Special Purpose Vehicle on bypassing the US sanctions on Iran was still unknown but the work was being carried out in a positive manner, Reuters reports.
"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," Mogherini said on the sidelines of the EU Foreign Affairs Council.
In May, US President Donald Trump announced that the United States would withdraw from the 2015 Joint Comprehensive Plan of Action (JCPOA), known as the nuclear deal, and re-impose its sanctions against Iran that had been lifted under the agreement. The first round of the US restrictions came into force in August.
On November 5, the second package of US sanctions targeting, in particular, Iran's oil sector took effect.
Other parties to the deal – China, France, Germany, Iran, Russia, the United Kingdom and the European Union – have, however, expressed their commitment to the accord and are working on instruments to bypass the US restrictions.