EU scrambles to defy U.S.sanctions against Iran

EU scrambles to defy U.S.sanctions against Iran

The European Union 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, Financial Times writes.

"No EU government wants to cross the U.S. by having the SPV (special purpose vehicle)," one official said. "Member states are not exactly queueing up for it," another diplomat noted.

The Europeans want to set up a SPV to process Iran’s import and export payments once Washington clamps down on the country’s central bank and oil industry in November.

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.

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