EU’s special Iran payment channel could take effect before November: Mogherini

AVA- Mogherini said Wednesday she believes the "Special Purpose Vehicle (SPV)", which is aimed at keeping trade with Tehran flowing while the US sanctions are in place, will be established before November even though it is still at an initial stage now.
The plan to create the special payment channel was first announced in a joint statement by Mogherini and Iranian Foreign Minister Mohammad Javad Zarif on Monday, after a ministerial meeting of Iran and the remaining parties to the nuclear agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA).
"Mindful of the urgency and the need for tangible results, the participants [of the Monday meeting] welcomed practical proposals to maintain and develop payment channels, notably the initiative to establish a Special Purpose Vehicle to facilitate payments related to Iran's exports, including oil, and imports, which will assist and reassure economic operators pursuing legitimate business with Iran," the statement read.
“The participants reaffirmed their strong will to support further work aimed at the operationalization of such a Special Purpose Vehicle as well as continued engagement with regional and international partners,” it added.
The statement also said the remaining parties to the JCPOA were determined to "protect the freedom of their economic operators to pursue legitimate business with Iran.”