European SPV could be in place as early as ’Monday’

Brussels had announced in previous occasions that it’s working hard on the non-dollar financial channel and that it would become operational soon. This time it seems that the EU is closer and more exact in its timetable.

‘Iran-EU trade mechanism to be set up in coming days’

French Foreign Minister Jean-Yves Le Drian says a European-backed trade mechanism, known as the Special Purpose Vehicle (SPV), aimed at facilitating non-dollar business with Iran in the face of US sanctions should be established in the coming days.

How Europe’s SPV Can Help Iran Fight Inflation

The author believes Tehran should welcome the creation of a possible special purpose vehicle by the EU because it will help bring in necessary commodities such as food and medicine that will lead to less inflation and will remove the burdon from the end users.

Germany says working out final requirements of SPV

Berlin authorities say one of the details is which country will be the headquarters of the financial channel to do trade with Iran in the face of unilateral US sanctions.

Sanctions cause epilepsy medication shortage

The US Treasury says the renewed economic punitive measures do not impede humanitarian aid for Iran but with less and less European banks willing to accept financial transactions with Iran, food, medicine and medical equipment imports have been disturbed.

Europe to continue work on SPV in 2019: Mogherini

It was supposed to be put into place by the end of 2018, however it did not come through. Now, the head of the continent foreign policy is promising to keep working on that this year.

With financial channels stifled, Iranian citizens pay sanctions price

The US unilaterally walked out of the Iran nuclear deal and reimposed sanctions that target the oil and banking sectors. Washington says humanitarian goods, such as food, are exempt from the measures. But, the situation on the ground shows the otherwise. Ordinary Iranians are being affected the most.

Iran considers options other than SPV: FM spox

Iran’s Foreign Ministry Spokesman Bahram Ghassemi said although we still hope that Europe will fulfill its obligations under JCPOA, Iran pursues different options with other countries like Russia, China, India and Turkey.

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Swiss companies refuse Iran trade out of fear of US retaliation

Iran-Switzerland Joint Chamber of Commerce President, Sharif Nezam-Mafi says US sanctions have hindered the flow of vital medicine into the country, leading to a shortage of much-needed cancer drugs, especially for kids. He says Swiss companies do not deal with Iran out of fear of retaliatory US measures.

‘Swiss payment channel with Iran could be in place by mid-January’

European countries have been trying to create a legal financial mechanism to keep up trade with Iran after Donald Trump Administration withdrew the US from the 2015 nuclear deal in May.