News ID: 234615
Published: 0418 GMT November 21, 2018

Deputy FM: EU’s political will to save JCPOA ‘still strong’

Deputy FM: EU’s political will to save JCPOA ‘still strong’
Tasnim News Agency

Iranian Deputy Foreign Minister Abbas Araqchi said European diplomats have reassured him that the bloc is working on new ways to keep financial transactions with Tehran, adding that experts from both sides are negotiating the mechanism.

 

Araqchi made the point in a tweet posted on Wednesday, referring to his meetings with British and French diplomats, Fars News Agency reported.

"Yesterday and today, I had good meetings with political directors and nuclear negotiators of the UK and France in Tehran. The political will of the European Union and the three European countries to preserve the JCPOA is still strong,” Araqchi wrote on his Twitter account.

The JCPOA is the official name of the Iran nuclear deal with world powers, the Joint Comprehensive Plan of Action.

The EU has devised the Special Purpose Vehicle (SPV), a financial mechanism, to continue trade with Iran and neutralize the US sanctions against Tehran.

On Monday, European Union foreign policy chief, Federica Mogherini, said work is continuing on the Special Purpose Vehicle (SPV) aimed at facilitating trade with Iran following the reimposition of US sanctions on the country, but gave no specific date as to when it is going to be implemented.

“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.”

“And again, as I said, the involvement of the finance ministers of these three member states, but also of other member states is, I think, a crucial step that makes me think that it will be delivered sooner rather than later,” Mogherini said.

The SPV is a kind of clearing house that could be used to help match Iranian oil and gas exports against purchases of EU goods in an effective barter arrangement circumventing US sanctions, based on global use of the dollar for oil sales.

The mechanism is seen as the lynchpin of European efforts to salvage the nuclear accord, from which US President Donald Trump withdrew in May, calling it flawed.

 

 

 

 

   
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