The European Union will set up a legal entity to facilitate legitimate financial transactions with Iran to allow for continued trade,
EU High Representative for Foreign Affairs and Security Federica Mogherini said after the ministerial meeting of Joint Comprehensive Plan of Action (JCPOA) participant nations Monday.
“The JCPOA participants reconfirmed their commitment to its full and effective implementation in a good faith and in a constructive atmosphere,” EU High Representative for Foreign Affairs and Security Federica Mogherini said on Monday.
Reading the joint statement from the meeting of Joint Comprehensive Plan of Action (JCPOA) participant nations, Mogherini said the group of five nations confirmed their commitment to the deal, and stressed the importance of developing a payment mechanism to let trade with Iran continue in the face of reimposed US sanctions.
The UK, China, France, Germany, Russia and Iran also confirmed the importance of protecting companies that conduct business with Tehran.
“Mindful of the urgency and the need for tangible results, the participants 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” Mogherini told reporters, speaking alongside Iran’s Foreign Minister Mohammad Javad Zarif.
“The EU member states will set up a legal entity to facilitate legitimate transactions with Iran, which would allow European companies to work with Iran in accordance with European laws. It will also be open to other participants,” she added.
She stressed that the decision to set up the special purpose vehicle has already been made.
“The participants recognized that Iran must continue to fully and effectively implement its nuclear commitments as confirmed by 12 consecutive reports by the International Atomic Energy Agency (IAEA),” Mogherini said.
“The participants equally highlighted the extensive work and substantial progress undertaken to date in intensification of technical dialogues, efforts to maintain and improve bilateral economic relations and the mobilization on considerable resources by all including the third countries interested in supporting the JCPOA and pursuing in a timely and effective manner… normalization of trade and economic relations with Iran,” the joint statement reads.