TEHRAN (Press Shia) – Iranian Foreign Ministry Spokesman Bahram Qassemi said the generalities of the European Union’s payment system to allow oil companies and businesses to continue trading with Iran in the US sanctions era will become clear very soon.

Speaking to reporters during his weekly press conference in Tehran on Monday, Qassemi pointed to the so-called Special Purpose Vehicle (SPV), the EU’s mechanism aimed at facilitating trade with Iran after the US sanctions come into effect, and said the Islamic Republic and the EU are in constant talks and the issue is progressing well.     

However, the spokesman added, such mechanisms are “complicated and time-consuming” and need careful work.

Qassemi further made assurances that the SPV’s generalities would become clear and come into effect very soon.

The European Union has vowed to counter US President Donald Trump’s renewed sanctions on Iran, including by means of a new law to shield European companies from punitive measures.

On May 8, the US president pulled his country out of the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal that was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

Following the US exit, Iran and the remaining parties launched talks to save the accord.

Trump on August 6 signed an executive order re-imposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.

He said the US policy is to levy “maximum economic pressure” on the country.

The second batch of US sanctions against the Islamic Republic took effect on Monday, November 5.