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            august 23, 2019

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EU to announce new means to evade US trade sanctions against Iran


The European Union is devising new means for EU firms to evade US trade sanctions on Iran, with as official announcement expected this week, reports Bloomberg.
It is to be effected through a "special purpose vehicle", or SPV, say diplomatic sources. The EU, led by France, Germany and Britain, has struggled to find a government willing to host the vehicle, which risks drawing criticism from the US.
European Commission policy chief Federica Mogherini had said in December that the SPV would be established by the start of 2019.
"The SPV preparations have progressed; they are at an advanced stage," said an EU spokeswoman. "I hope that we can announce the launch very soon.
"The EU has been considering a plan for Germany, France and Britain to share responsibilities for the special vehicle," two people familiar with the discussions told Bloomberg.
Under that proposal, the entity could be based in France and led by a German, with the UK also playing a role, according to one of the people.

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