Iran's Deputy Oil Minister: France is Likely to Host the Special European Mechanism

Amir Hossein Zamani Nia, Iran's Deputy Minister of Oil for International Affairs, mentioned on Monday, November 19, that due to U.S. actions against the establishment of the European special mechanism or Special Purpose Vehicle (SPV), France will likely host this financial channel. Speaking at the 'Introducing Investment Opportunities in Qeshm in the Oil and Energy Sector' conference, he stated regarding the EU's difficulties in creating a special financial channel: 'In practice, any action that (the Europeans) want to take, they realize that U.S. influence is significant.' Following the U.S. withdrawal from the nuclear deal with Iran, known as the JCPOA, on May 8 of this year, all sanctions that the United States had suspended under this agreement were re-imposed. Meanwhile, European countries are trying to maintain the nuclear deal with Iran and are working to create a financial channel for continued financial and banking exchanges with Iran. Zamani Nia also noted that no European country has agreed to host this mechanism yet, stating: 'I believe this channel will eventually be established in France. Expert negotiations are underway, and we hope to reach a conclusion in the coming weeks.' However, Abbas Araghchi, Iran's Deputy Foreign Minister, mentioned on the same day that due to 'very heavy pressure' from the U.S., no country has yet agreed to host the financial mechanism between Iran and Europe, and the EU is 'unable' to officially register this mechanism. Previously, informed sources in the EU had told Radio Free Europe/Radio Liberty that none of the 28 member countries of the EU were willing to host this special mechanism. Reports had also emerged that Austria and Luxembourg had refused to host this special mechanism. In another part of his remarks, Zamani Nia referred to the information war between Iran and the U.S., stating: 'The Ministry of Oil cannot talk about statistics and figures because there is a serious information, psychological, and public opinion war between Iran and Washington ongoing.' He added: 'Any information we provide, they use, and any information they provide, we use. Both sides understand each other well, but how long this war continues depends on the fundamental changes in international relations and how independent the EU becomes from the U.S. and how much U.S. financial influence is limited in the world.' U.S. officials say the goal of oil sanctions is to minimize Iran's oil exports, and since May of this year, one million barrels have been reduced from Iran's exports. Brian Hook, head of the Iran Action Group at the U.S. State Department, stated last week that with the return of sanctions against Iran, Washington is in a position to target all financial channels that Iran uses to finance Hamas and Hezbollah, develop its missile program, and threaten peace and stability.