TEHRAN - Morteza Saffari Natanzi, a member of the Majlis National Security and Foreign Policy Committee, has said that the Europeans have offered that a judicial body in one of the European countries should host the special purpose vehicle (SPV).

“A new proposition has been offered that a judicial body in one of the European countries host the SPV to prevent the U.S. impediments. If this happen, this mechanism will be implemented soon,” the Mehr news agency quoted Saffari Natanzi as saying on Wednesday.

SPV is a European Union’s initiative intended to protect trade with Iran against newly reimposed U.S. sanctions.

European Union foreign policy chief Federica Mogherini has said that the SPV meant to help companies do business with Iran will be completed by the end of the year.

President Donald Trump withdrew the U.S. unilaterally from the 2015 nuclear deal in May and ordered sanctions against Iran. The first round of sanctions went into force on August 6 and the second round, which targets Iran’s oil exports and banks, were snapped back on November 4.

Iran and the European side have been discussing ways to conduct non-dollar trade in order to offset the U.S. sanctions.

NA/PA