EU foreign policy chief Federica Mogherini said that European Union is working on tools that will reassure economic actors pursuing legitimate business with Iran.
Mogherini made the remarks in an interview published on Friday in the official website of European Council of Foreign Relations, ecfr.eu.
“We are working, as a Union of 28 member states and with the rest of the international community, to preserve a nuclear agreement that has so far been implemented in full, as certified by the International Atomic Energy Agency in 13 consecutive reports. We do this because of our collective security”, she said.
“Part of this work requires us to guarantee that firms wanting to do legitimate business with Iran are allowed to do so. This is what we are working on right now: tools that will assist, protect, and reassure economic actors pursuing legitimate business with Iran”, she added.
The EU has introduced a Special Purpose Vehicle (SPV) to facilitate continued trade with Iran, bypass the US financial system, and avoid any impact of America's secondary sanctions.
“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,” Mogherini told reporters last December in Brussels.
But the European bloc has so far failed to launch the mechanism.
Iranian Foreign Minister Mohammad Javad Zarif recently said that Tehran will not stand by for Europeans to fulfill their commitments under the nuclear agreement.
The SPV mechanism was introduced by the EU after the US withdrew from the landmark nuclear deal and decided to re-impose unilateral sanctions against Tehran.
The US administration hoped to get the other parties to the deal with Iran to likewise scrap the deal, but instead, they stressed that not only would they stick to the agreement, but they would also work to sustain it in the face of increased US pressure.
In the interview, the EU foreign policy chief responded to another question regarding the continent’s economic sovereignty following the US pressure on Europe to cut its economic ties with Tehran.
She said, “It is true that this situation has triggered a conversation on European economic sovereignty. We Europeans cannot accept that a foreign power – even our closest friend and ally – makes decisions over our legitimate trade with another country. This is a basic element of sovereignty, and it is only natural that this reflection takes place, not only in Europe but in other parts of the world, too".