EU Renews Commitment to Safeguard Nuclear Deal

The European Union on Monday reaffirmed its support for the 2015 multinational nuclear deal with Iran, stressing that efforts to salvage trade relations are advancing. 
“Nobody should have any doubt on the level of political ambition and determination by the member states involved, in particular France, Germany and the United Kingdom to swiftly operationalize the SPV,” EU Energy Commissioner Miguel Arias Canete was quoted as saying by Reuters. 
He made the statement at a joint news briefing with Ali Akbar Salehi, the head of Atomic Energy Organization of Iran, ahead of the Iran-EU high-level talks on nuclear cooperation in Brussels, Belgium, referring to a the proposed financial mechanism known as Special Purpose Vehicle to keep trade with Iran flowing in the face of the United States' sanctions. 
The landmark nuclear agreement or the Joint Comprehensive Plan of Action was signed in 2015 between Iran and six world powers, namely the United States, Britain, France, China, Russia and Germany, under which Tehran agreed to curb its nuclear activities in return for sanctions relief. 
The US withdrew from the accord in May and reimposed sanctions, but Iran and other signatories have remained committed, pledging to do all in their power to keep the deal alive. 
SPV is part of EU efforts to uphold trade with Iran through non-dollar transactions, but its launch has faced challenges as no country has offered to host the facility.
This has sparked off reaction from Iranian authorities who censure Europe for delays in setting up the system, as the last round of US sanctions on the oil and banking sectors have already been enacted on Nov 5. 

Repercussions 

Speaking at the news conference, Salehi warned of the consequences of the deal’s collapse. 
“If words are not turned into deeds, then ... it is very ominous, the situation would be unpredictable,” he said.  
Salehi, however, said he believed the EU was “doing its best” and was on its way to delivering on its promises.
Canete described the plan to establish SPV as a “hugely complex and unique undertaking”, assuring that technical work has been advancing over the past weeks. 
The US is seeking a new deal with Iran that would include its regional activities and missile programs while Europe sees JCPOA as the best possible accord. 
“We do not see any credible peaceful alternative,” Canete said, adding that it is “crucial for the security of Europe, of the region and the entire world”, AP reported. 
Salehi hoped that Iran “can enjoy the niceties of this deal and not let it go unfulfilled”.
Brussels is hosting the third round of the Iran-EU high-level seminar on international nuclear cooperation. Besides Canete and Salehi, Secretary-General of European External Action Service Helga Schmid and Abbas Araqchi, political deputy at the Iranian Foreign Ministry, are attending the event. 
The first and second rounds of the seminar were held in 2017 in Brussels and Isfahan respectively.