EghtesadOnline: As Iranian traders (and more broadly Europeans) wait for the launch of the long-awaited special purpose vehicle by European powers, some businesses fear that the trade mechanism may after all fail to shield Iran’s trade from the long reach of US sanctions.
EghtesadOnline: Iran is displeased with the European Union for its delay in launching a financial payment channel to circumvent the United States sanctions, but has not yet completely lost hope of the plan’s eventual implementation, a senior diplomat said.
EghtesadOnline: The European Union says work is continuing to set up a special payment mechanism to facilitate trade with Iran and sidestep US sanctions against Tehran.
EghtesadOnline: As the main party to blame for the possible failure of efforts to set up a special financial mechanism for trading with Iran, Europe will have to ponder over the implications of its inaction, a senior foreign affairs official said.
EghtesadOnline: The Special Purpose Vehicle, a dedicated non-dollar payment channel created by Europe to keep trade flowing with Iran in defiance of US sanctions, is likely to be launched soon.
EghtesadOnline: Iran-Finland relations vis-a-vis US sanctions regime, cooperation between the Iranian and European small- and medium-sized enterprises, the Joint Comprehensive Plan of Action and a planned special purpose vehicle (SPV) were the main topics discussed by a European delegation in Tehran.
EghtesadOnline: The European Union’s foreign policy chief said on Monday a system to facilitate non-dollar trade with Iran and circumvent US sanctions could be in place by the yearend.
EghtesadOnline: Oil trade is the cornerstone of Europe’s financial mechanism to maintain business ties with Iran and the system cannot operate without covering the sale of Iranian crude, Foreign Minister Mohammed Javad Zarif said.
EghtesadOnline: A new European Union mechanism to facilitate payments for Iranian exports should be legally in place by Nov. 4, when the next phase of US sanctions hit, but will not be operational until early next year, three diplomats said.