EU Plan for Transactions With Iran is Important Step to Preserve JCPOA – Rouhani

“Europe has established a special institution for keeping its financial and monetary relations with Iran. The European financial institution is an important step and JCPOA’s survival depends on normal economic relations with Iran,” Rouhani said, as quoted by his press service.

The statement of the Iranian President referred to the words of EU foreign affairs chief Federica Mogherini and foreign ministers of the five other remaining signatories to the nuclear deal, who had announced the decision to establish a Special Purpose Vehicle (SPV) in September. According to the European politicians, it would facilitate legitimate transactions with Iran, related to the country’s exports, including oil, and imports.

The SPV was a response to Washington’s sanctions against Tehran, with the first round of restrictions reinstated in August, while the second to take effect on November 5.

On May 8, US President Donald Trump announced the United States’ withdrawal from the JCPOA. Trump said the United States would re-impose the previously lifted sanctions against Tehran, including secondary sanctions that target countries doing business with Iran. Other parties to the nuclear deal – Russia, China, France, Germany, the United Kingdom, and the European Union – have opposed the US decision and pledged to maintain ties with Tehran.

 

 

The Kootneeti Middle East Monitor

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