EU struggles to find host for Iran trade mechanism
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The European Union has so far failed to find a country to host a special mechanism to trade with Iran and beat newly reimposed US sanctions, three diplomats said, as governments fear being targeted by US counter measures.
Voicing opposition to US policy on the day Washington announced a new raft of sanctions on Iran, the European Union reissued its Nov. 2 statement on Monday saying it was still setting up the so-called special purpose vehicle (SPV).
The European Union had hoped to ready its SPV, which is designed to circumvent the US.sanctions, by Monday's sanctions announcement by the United States.
However, no EU country has so far volunteered to host the entity, the EU diplomats said. Several states have been asked by EU foreign policy chief Federica Mogherini to consider being the headquarters, as the bloc tries to uphold the arms control accord, which US President Donald Trump withdrew from in May.
While the European Commission declined to comment on Monday, European Economic Affairs Commissioner Pierre Moscovici said "the European Union does not approve of" the reimposition of US sanctions lifted under the 2015 nuclear deal.
