EU, Iran devise new way to dodge U.S. sanctions

Sep 25, 2018, 7:24 AM EDT
Federica Mogherini, EU's foreign policy chief, said the SPV will serve as a legal entity to preserve legitimate business deals with Iran.
(Source: ALDE Communication/flickr)

The envoys from remaining signatories of the Iran nuclear deal have reached an agreement with Tehran on setting up a new payment system, designed to circumvent the latest U.S. sanctions while continuing the trade with the Middle East nation.

The agreement for a “Special Purpose Vehicle” between Britain, France, Germany, Russia, China and Iran is a major snub for the U.S., which pulled out of the historic Iran nuclear accord in May this year, writes Al Jazeera.

Federica Mogherini, EU's foreign policy chief, said the SPV will serve as a legal entity to preserve legitimate business deals with Iran and also in effect secures the agreement reached with Tehran under the nuclear deal, reports Voice of America.

YOU MIGHT ALSO LIKE