The United States is concerned that the European Union would be able to strongly assert its place in the global financial system after the launch of the special purpose vehicle to enable non-dollar international trade, a lawmaker said.
Jalal Mirzaei added that such a consideration can partly explain Washington’s vehement opposition to the establishment of the transaction mechanism, ICANA reported.
SPV is a financial mechanism proposed by the EU to protect Iran’s international trade against the restored US sanctions, although it has not been activated yet.
It is part of Europe’s efforts to salvage the 2015 nuclear deal after the US unilateral pullout last year by countering the effects of sanctions and ensuring that Iran would continue to enjoy the benefits of the agreement.
Mirzaei cited European think tanks as suggesting that apart from safeguarding Iran’s interests, the EU sees the system as a prelude to its independence from the American banking systems in the long run.
“The US has no fear of Europe’s consolidation [of its political power] in the short term, but is worried about the bloc’s achievement of a [dominant] position of power in the future,” he said.
In her latest remarks on the Iran nuclear deal, EU foreign policy chief, Federica Mogherini, said, “We Europeans cannot accept that a foreign power—even our closest friend and ally—makes decisions over our legitimate trade with another country. This is a basic element of sovereignty.”
