Iran says won’t wait Europeans on SPV

TEHRAN (AFP): Iranian Foreign Minister Javad Zarif has criticized the EU’s slow action on the formation of a monetary channel to continue trade activities with Iran in the face of U.S. sanctions.

Speaking to reporters during a visit to India on Tuesday, Zarif said Tehran would continue talks with the Europeans on the formation of a Special Purpose Vehicle (SPV), but would not stand by for them.

He said that Iran would continue cooperation with its traditional partners such as India, Russia and China to ensure the Iranian interests.

In September, the foreign ministers of France, Germany, Russia, the UK and Iran agreed to build a financial mechanism to ease commercial activities with Iran, including natural gas trade.

Tensions between Washington and Tehran have mounted since May, when U.S. President Donald Trump unilaterally withdrew his country from the 2015 agreement.

In August, the U.S. re-imposed a first round of sanctions that mainly targeted Iran’s banking sector.

A second phase of sanctions — targeting Iran’s energy sector — came into effect on Nov. 5, although Washington granted a 180-day reprieve to the eight largest buyers of Iranian oil, including Turkey.