Countries unwilling to assume responsibility for locating a mechanism to circumvent US sanctions against Iran

Baku. 29 October. REPORT.AZ/ The EU has struggled to find a member-state to host a new financial channel to shield trade with Iran from looming US sanctions, diplomats said, in the latest hurdle to the bloc’s efforts to save a landmark nuclear deal with Tehran, Report informs citing Financial Times.

“No EU government wants to cross the US by having the SPV,” said one official. Another diplomat said: “Member states are not exactly queueing up for it.
The Europeans want to set up a 'special purpose vehicle' to process Iran’s import and export payments once Washington clamps down on the country’s central bank and oil industry on November 5."

Iran should be able to sell at least 1m barrels per day of oil and gas condensate to China and other international customers, many Iranian analysts and business people believe. This is down 2.8m b/d this year, but high oil prices mean such a level of exports should help the regime survive.

Notably, at the end of September, the EU announced its plan to create an SPV in order to ensure the passage of legal financial transactions with Iran.