Europe Must Consider Consequences of SPV Failure

“European countries must pay the price of their independence from the US because this important task [saving the nuclear deal] will not be cost-free”
Europe Must Consider Consequences of SPV Failure Europe Must Consider Consequences of SPV Failure

As the main party to blame for the possible failure of efforts to set up a special financial mechanism for trading with Iran, Europe will have to ponder over the implications of its inaction, a senior foreign affairs official said. 
“Iran will hold Europe accountable for not establishing the SPV [Special Purpose Vehicle] … Iran has met all its obligations under the JCPOA [Joint Comprehensive Plan of Action, the formal name of Iran's nuclear deal] so far, but its patience has a limit,” Foreign Ministry Spokesman Bahram Qasemi said on Saturday.
The European Union has proposed a financial system through which Iran would be able to continue its international trade despite the US restrictions placed on Tehran after US President Donald Trump abandoned the 2015 nuclear deal last May. 


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