September 26, 2018 / 5:51 PM / a month ago

EU's Mogherini eyes Iran SPV for trade "before November"

NEW YORK, Sept 26 (Reuters) - The European Union’s foreign policy chief Federica Mogherini said on Wednesday a so-called Special Purpose Vehicle (SPV) under consideration to facilitate trade with Iran could be in place “before November.”

The SPV aims to keep trade flowing even if possible U.S. sanctions hit Tehran. Asked at an event in New York when it could be established, Mogherini said: “I believe before November.”

European diplomats have described the SPV proposal as a means to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands. (Reporting by Rodrigo Campos Editing by James Dalgleish)

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