News ID: 233644
Published: 0427 GMT October 31, 2018

Iran-EU financial mechanism talks on right track: Official

Iran-EU financial mechanism talks on right track: Official

The Iranian president’s Chief of Staff, Mahmoud Vaezi, said talks about the European Union’s package of economic measures to secure Iran’s benefits from the 2015 nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) are progressing well.

Speaking to reporters on the sidelines of a cabinet session in Tehran on Wednesday, Vaezi pointed to the so-called Special Purpose Vehicle (SPV), a mechanism aimed at facilitating trade with Iran after the US sanctions come into effect, saying that the issue would be “definitely” operational in coming days, Tasnim reported.

“Our negotiations with Europe are on the right path and issues that occurred over the past few months have been mostly psychological,” he added, referring to the recent turmoil in Iran’s currency market.

The president’s Chief of Staff further pointed to the US sanctions and said, “The US is trying to exert pressure on the Iranian people and government, however, various committees have been formed and everyone is busy planning to counter that (pressure).”

US President Donald Trump announced in May that Washington was pulling out of the 2015 nuclear agreement, which lifted nuclear-related sanctions against Tehran in exchange for restrictions on Tehran's nuclear program.

A first round of American sanctions took effect in August, targeting Iran's access to the US dollar, metals trading, coal, industrial software, and auto sector. A second round will be targeting Iran's energy sector and financial transactions.

The US move has drawn criticism of the world leaders, particularly the Europeans as they have expressed their opposition to the US measure, pledging to make every effort to save the deal.

Europe is to adopt the new financial mechanism to thwart the impacts of the US sanctions.


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