Iran and the EU are working on Special Purpose Vehicle (SPV), which will replace the SWIFT system and will allow to circumvent US sanctions against Tehran, Iranian Deputy Foreign Minister Seyed Abbas Araghchi tweeted on Wednesday.
Iranian Foreign Ministry officials expressed hope, saying European powers were struggling to set up a “Special Purpose Vehicle” (SPV) trade mechanism.
The US President Donald Trump announced on May 8 the US withdrawal from the Iranian nuclear agreement and reimposed sanctions on Iran.
