Iran urges EU to speed up creation of SPV

Tehran, Nov 9, IRNA – Top Iranian official on Friday urged EU to speed up creation of Special Purpose Vehicle (SPV) for financial transaction with Iran.

To a question that when the European Union's Special Purpose Vehicle (SPV)'s for financial transaction with Iran will become operational, Iran's Deputy Foreign Minister for Political Affairs Abbas Araqchi noted that there are political desires among the European countries to counter the US' sanctions and to execute the nuclear deal.

Because of the US dollar's dominance in Europe's financial system, establishing an independent financial mechanism for doing business with Iran is a little bit complicated and time consuming, Araqchi said.

He said in the meantime, Iran expects the European countries to speed up efforts to create the SPV as soon as possible.

Araqchi reacted to the US Secretary of State Mike Pompeo's claims that Iran is unable to resume nuclear activities and described his claims as 'provocative.'

Tehran decides based on logic and it will not be affected by Pompeo's provocations, the official noted.

Speaking about Iran's capacity to resume its nuclear activities, he said that Iran's activities have not already stopped and Iran has only accepted some limitations upon its nuclear activities.

Iran will stay in the nuclear agreement as long as its interests are safeguarded, the deputy foreign minister added.

Araqchi said that Iran is ready for all scenarios and it can resume nuclear activities with maximum speed immediately.

The US President Donald Trump announced early May that Washington would pull out of Iran nuclear deal and reinstate sanctions, which had been lifted under the accord.

The first round of the sanctions snapped back into place in August, with the second round which will target the energy and oil sectors taking effect on November 5.

This is while other signatories to the deal (i.e. Britain, France, Germany, China and Russia) have thus far criticized Washington's unilateral move and repeatedly stressed their commitment to the deal.

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