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Europeans Will Lose Out to China, Russia If SPV Fails

Europeans Will Lose Out to China, Russia If SPV FailsEuropeans Will Lose Out to China, Russia If SPV Fails

Iran will push aside European companies and further deepen its ties with China and Russia if the bloc fails to open up its special payment channel in time to sustain trade with Iran in the face of the United States’ sanctions, a lawmaker said. 
“European firms are the main losers of the delay in establishing the SPV [Special Purpose Vehicle] because in that case, we will expand our relations with China and Russia,” Alaeddin Boroujerdi, a member of Majlis National Security and Foreign Policy Commission, said in a recent interview with Mehr News Agency. 
SPV is a financial mechanism aimed at bypassing US sanctions to enable trade with Iran on a non-dollar basis.

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