Europe Set to Announce Iran Funding Vehicle, Defying Trump - Bloomberg:
Three key European Union nations are set to make good on a pledge to help their companies trade with Iran despite U.S. sanctions, a move that could help to salvage a nuclear deal with the Islamic Republic but may have more political symbolism than economic impact.
The announcement of the so-called special purpose vehicle could come as soon as Monday, two diplomats familiar with the matter said, asking not to be identified as last-minute negotiations on the wording of the EU statement continued. The mechanism is key to the EU’s effort to keep Iran from quitting the 2015 accord to constrain its nuclear activities in exchange for sanctions relief. The U.S. pulled out of the deal in May and has since reimposed sanctions.
A draft EU statement seen by Bloomberg welcomes the initiative by U.K, France and Germany as providing “a positive impact on trade and economic relations with Iran, but most importantly on the lives of Iranian people.” The statement is going to be discussed by EU government envoys in Brussels on Monday morning and may be released soon after, if all 28 member states approve.
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