EU Sees Effort to Sidestep Iran Sanctions Ready by End of Year

(Bloomberg) -- European Union foreign policy chief Federica Mogherini said a special purpose vehicle meant to help companies do business with Iran will be completed by the end of the year.

“I would expect this instrument to be established in the coming weeks, so before the end of the year, as a way to protect and promote legitimate business with Iran,” Mogherini told reporters in Brussels after a meeting of foreign affairs ministers. “Work is advancing well.”

The EU is seeking ways to keep Iran from quitting the Joint Comprehensive Plan of Action, the 2015 agreement to constrain the nation’s nuclear activities in exchange for sanctions relief. The U.S. pulled out of the deal in May and reimposed sanctions earlier this month.

France, Germany and the U.K. are trying to find a place to base a special purpose vehicle to handle payments to Iran in defiance of the U.S. sanctions.

©2018 Bloomberg L.P.