EU will soon establish alternative payment channel allowing Iran to bypass US sanctions – Mogherini
RT.com
10 Dec, 2018
Brussels will create an alternative payment channel to facilitate financial transactions between the European Union and Iran in the near future to bypass US sanctions, the EU’s top diplomat, Federica Mogherini, has announced.
“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,” EU’s foreign policy chief told reporters on Monday.
The 28-nation bloc has been considering ways to continue doing business with Tehran and bypass US economic restrictions after Washington pulled out from the Iran nuclear deal and reimposed economic sanctions.
In November, EU officials proposed creating a clearinghouse, or a special purpose vehicle (SPV), to facilitate financial transactions with Iran. The proposal failed to reach an agreement after not a single EU country agreed to host such a mechanism out of fear of punitive measures that Washington may potentially introduce against them.
So far, France and Germany have ruled themselves out as SPV hosts. At the same time, the EU’s major powers are reportedly planning to put more pressure on Luxembourg and Belgium to host the headquarters for the SPV after Austria declined a request to manage the project. Both Belgium and Luxembourg have reportedly dropped a hint of doubt over the issue.
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