EU stepping up efforts to commission SPV

'These efforts have been intensified in recent weeks, particularly those underpinning the European initiative to establish a Special Purpose Vehicle on which we are proceeding with work to set up. This will enable continued sanctions lifting to reach Iran and allow for European exporters and importers to pursue legitimate trade,' the statement said.

The joint statement was signed by EU foreign policy chief Federica Mogherini and Foreign Ministers Jean-Yves Le Drian of France, Heiko Maas of Germany and Foreign Secretary Jeremy Hunt of the United Kingdom and Finance Ministers Bruno Le Maire of France, Olaf Scholz of Germany and Philip Hammond of the United Kingdom.

'We deeply regret the further re-imposition of sanctions by the United States, due to the latter’s withdrawal from the Joint Comprehensive Plan of Action (JCPOA),' it said.

The joint statement said the JCPOA is a key element of the global nuclear non-proliferation architecture and of multilateral diplomacy, endorsed unanimously by the UN Security Council through Resolution 2231. It is crucial for the security of Europe, the region, and the entire world.

The JCPOA is working and delivering on its goal. The International Atomic Energy Agency (IAEA) has confirmed in twelve consecutive reports that Iran is abiding by its commitments under the Agreement.

'We expect Iran to continue implementing all its nuclear commitments in full, as set out by the JCPOA,' the statement said.

It said The JCPOA also provides for the lifting of international sanctions in order to have a positive impact on trade and economic relations with Iran, but most importantly on the lives of the Iranian people.

'It is our aim to protect European economic operators engaged in legitimate business with Iran, in accordance with EU law and with UN Security Council resolution 2231,' it said.

'As parties to the JCPOA, we have committed to work on, inter alia, the preservation and maintenance of effective financial channels with Iran, and the continuation of Iran’s export of oil and gas. On these, as on other topics, our work continues, including with Russia and China as participants to the JCPOA and with third countries interested in supporting the JCPOA,'

Further work must be done to assist and reassure economic operators pursuing legitimate business under EU law. Our Finance Ministers will further pursue this at their next meeting. Our collective resolve to complete this work is unwavering, it said.

'We remain committed to implementing the JCPOA as a matter of respecting international agreements and of our shared international security, and expect Iran to play a constructive role in this regard,' the joint statement said.

END