EUs attempts to save the JCPOA seem inadequate as Iran has fulfilled all its commitments and in return was sanctioned even harder.
Iran was an isolated country until the JCPOA was implemented. Foreign trade delegations and politicians from 50 countries came to Iran immediately hoping to benefit from Irans big market; however, 3 years have passed since then and Iran is almost barren of any foreign companies. The US walked away from the deal while the EU promised to compensate for the losses Iran incurred. To this day, however, Iran has gained almost nothing from the deal that helps its economic prosperity therefore it sees no reason to stay in the deal anymore.
SPV is the new acronym on the media market, when it comes to Iran. An SPV is a special purpose vehicle to facilitate financial transactions and therefore trade. Europe promised Iran this new financial channel to save the JCPOA or Iran Nuclear Deal. It would allow European companies to bypass US sanctions, by serving as a barter exchange which is neither connected to the USD nor requires monetary transfers between Iran and EU countries. It will just coordinate payments, so that exporters can be paid from funds outside of Iran, while importers can be paid by funds within Iran. This form of compensation has been used informally for years. But Europe is now formalizing it, as the next best thing after its Blocking Statute, to rescue whats come to be known as the European JCPOA. Thats the JCPOA, minus the US.Europe has already taken about 7 months to get an SPV up and running, but either of the two Euro-Giants Germany and France are expected to host the SPV which is a clearing house, just before or after New Year 2019.
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