Iran Parliament to Take Action if EU Fails to Activate SPV

In case the European Union fails to set up a financial system to ensure continued trade with Iran, the parliament will step in and pass a bill tasking the government to take countermeasures, a lawmaker said. 
According to Mojtaba Zolnouri, a member of Majlis National Security and Foreign Policy Commission, the bill has been prepared by the parliament and will be placed on the agenda “once Europe’s efforts prove to be fruitless”, ICANA reported. 
The financial mechanism, also known as Special Purpose Vehicle, is a system proposed by the EU to enable trade with Iran on a non-dollar basis to circumvent the United States’ sanctions on Tehran.