Economics
EU Says Preparations for Iran SPV Are at ‘Advanced Stage’
- Funding vehicle would help sidestep U.S. sanctions on Iran
- The Trump administration opposes moves to undermine sanctions
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The European Commission said it’s seeking to launch “very soon” a special purpose vehicle to help European companies bypass U.S. sanctions on Iran, with three European diplomats saying the official unveiling could come as early as Monday.
Progress has been slow in developing the SPV, a key element of the European Union’s effort to keep Iran from quitting the Joint Comprehensive Plan of Action, the 2015 accord to constrain the nation’s nuclear activities in exchange for sanctions relief. The U.S. pulled out of the deal in May and has since reimposed sanctions.