EU postpones launch of SPV for Iran due to dependence on US - official

Business Materials 11 January 2019 10:28 (UTC +04:00)

Tehran, Iran, Jan.11


A member of Iran's Parliament National Security and Foreign Policy Commission said that unfortunately, so far the Special Purpose Vehicle (SPV) has not been implemented.

A Special-Purpose Vehicle, or SPV is a subsidiary of a company which is bankruptcy remote from the main organization (i.e. protected even if the parent organization goes bankrupt). The actions of a SPV are usually very tightly controlled and they are only allowed to finance, buy and sell assets.

“In accordance with the Iran nuclear deal, all countries were obliged to cooperate in various aspects, including economic cooperation. Some EU member states have not fulfilled their obligations as a result of their dependence on the United States,” the member of Iran's Parliament National Security and Foreign Policy Commission Abolfazl Hassanbeigi said, Trend reports citing Tasnim new agency.

He stated that after the US withdrawal from JCPOA, the European Union proposed a financial mechanism called "SPV" for the continuation of the exchange with Iran, but unfortunately , this mechanism has not yet been implemented.

"Europeans are postponing the implementation due to their dependence on the United States, and US political pressure on them,” he said.

Hassanbeigi, added that Iran's Foreign Minister Mohammad Javad Zarif has promised to resolve the financial mechanism of the SPV, and the country's parliament is waiting to see the results.

"If no action is taken, the parliament should make appropriate decisions regarding the Europeans," said the official.

“If the strategies of the Europeans are to benefit the country, we will remain in the JCPOA, otherwise Iran will withdraw,” he said.