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Iran not to wait forever for Europe’s special payment mechanism

The Islamic Republic of Iran has warned that it cannot wait forever for the establishment of a payment mechanism the Europeans have promised to launch in order to maintain trade with Tehran.

“We’ve so far witnessed that the European countries have the political will [to maintain business relations with Iran], and have not seen any sign that proves otherwise,” Deputy Foreign Minister Abbas Araqchi said on Friday, Press TV reported.

Europe has promised to establish the Special Purpose Vehicle (SPV), a mechanism which is supposed to bypass US sanctions against Tehran.

Araqchi said, “The Europeans have so far failed to introduce operational solutions required for securing Iran’s benefits under the deal, and we are not going to wait forever. We’ll take appropriate decisions in due time.”

“We are currently aware of the efforts being made [by Europe], and they regularly brief us on these efforts; therefore, we believe we should give them more time so that Europeans would be able to operationalize these solutions,” Araqchi said.

“We see that the US is exerting enormous pressures, and there are very serious technical and legal barriers to the establishment of the mechanism, which Europeans are trying to remove,” he told Iran’s official news agency IRNA during his visit to Algeria.

“But they should know the time is certainly not unlimited,” he added.

He also pointed to a report by the Wall Street Journal that Germany and France are going to host the SPV to keep trade with Iran in defiance of US sanctions, and said he cannot confirm it because of the “sensitivity of the issue”.

“The Americans are seeking to block all the paths, and have already started exerting pressure on the countries that try to establish the payment mechanism,” Araqchi said.