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SPV to be established before the end of 2018: Mogherini

ISNA - Iranian Students' News Agency

Tue / 11 December 2018 / 14:48

Tehran (ISNA) - Brussels will create an alternative payment channel to facilitate financial transactions between the European Union and Iran in the near future to bypass US sanctions, the EU's top diplomat, Federica Mogherini announced.

"I will expect this instrument to be established in the coming weeks before the end of the year as a way to protect and promote legitimate business," EU's foreign policy chief told reporters.

The 28-nation bloc has been considering ways to continue doing business with Tehran and bypass US economic restrictions after Washington pulled out from the Iran nuclear deal and reimposed economic sanctions.

In November, EU officials proposed creating a financial mechanism, or a special purpose vehicle (SPV), to facilitate financial transactions with Iran, RT reported.

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