(photo credit: JPOST STAFF)
NEW YORK - 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 US 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.