Details of Special Purpose Vehicle (SPV) are confidential as the Economy Ministers of the European countries, especially UK and France, are working on them and they will be released soon, says the former chair of the European Parliament delegation for relations with Iran.

European officials are working on SPV and are trying to finalize it as soon as possible, said Tarja Cronberg in a meeting with the head of Iran Chamber of Commerce, Industries, Mines and Agriculture Gholam-Hossein Shafeie.

“Britain, France and Germany are seriously working on SPV, but we should consider that it is a new experience both for Iran and the EU which has made the process delayed”, she added.

The main purpose of SPV is to drop out dollar in financial transactions between Iran and EU. A transparent environment is to be established in order to expand trade relations. 

Stressing that the details of SPV are confidential, Cronberg added that Iranian and European enterprises should be trained how to use it. 

She expressed hope that, as European Foreign Policy Chief Federica Mogherini said recently, SPV gets finalized by the yearend, but it takes more time before the enterprises can officially utilize it. 

The Small- and medium-sized enterprises (SME) benefit from SPV the most. SPV can used as a channel where humanitarian trade could come through, she noted.