On the sidelines of the UN General Assembly in New York, European Union foreign policy chief Federica Mogherini announced that the European bloc would create a "special purpose vehicle" (SPV) to sustain Iran-EU trade despite the reimposition of US secondary sanctions. While details are being worked out, the SPV will act as a new payment mechanism between the two sides and will probably mainly rely on a bartering system with a minimum flow of funds. According to Mogherini, the SPV will aim to "assist and reassure economic operators pursuing legitimate business with Iran."
But what is the feasibility of this plan, and what does it mean for Iranian and European companies?
