On 24 September 2018 the foreign ministers of the remaining signatories to the JCPOA agreed to create a SPV (Special Purpose Vehicle) on the sidelines of the UN General Assembly to enable European companies to continue legitimate transactions with Iran in accordance with EU law.
According to the German broadcaster NDR, Germany, the UK, and France are ready to establish the European Channel for transactions with Iran.
The European transactions channel for Iran will be called INSTEX (Instrument in Support of Trade Exchanges), NDR reported.
The statement comes after spokeswoman for EU Foreign Affairs and Security Policy Maja Kocijancic announced that the work aimed at the creation of the special purpose vehicle (SPV) had already entered its final stage. On 28 January, German Foreign Minister Heiko Maas said that the mechanism had not been registered yet.
The second package of US sanctions targeting, in particular, Iran’s oil sector took effect on 5 November.
In May, US President Donald Trump announced that the United States would withdraw from the Iran nuclear deal, and re-impose sanctions against Iran that had been lifted under the agreement. The first round of restrictions came into force in August and the second on 5 November.
Despite Washington’s unilateral move, the other parties to the deal — China, France, Germany, Iran, Russia, the United Kingdom and the European Union — have expressed their commitment to the JCPOA.