Wall Street Journal: France and Germany's Efforts to Maintain Special Financial Channel with Iran

The American newspaper Wall Street Journal reported on Monday, citing diplomats, that France and Germany are seeking to prevent the failure of the special mechanism known as "SPV" by proposing plans. According to the report, following Austria and Luxembourg's refusal to host the financial trading mechanism with Iran, France and Germany have put forward proposals whereby one of these two countries will host this special mechanism. The Wall Street Journal specified in its report that Britain is also considering how to join these new plans. If France hosts this mechanism, a German will be its manager, and if Germany hosts it, a Frenchman will be the manager. The Wall Street Journal states that these plans are not yet finalized and negotiations on this matter are set to continue on the sidelines of the G20 summit at the end of this month in Argentina. The U.S. withdrawal from the nuclear agreement with Iran, known as the JCPOA, on May 8 of this year reinstated all sanctions that the United States had suspended under this agreement. Meanwhile, European countries are trying to preserve the nuclear agreement with Iran and are working to create this financial channel to facilitate continued financial and banking exchanges with Iran through the SPV. In other words, this mechanism is intended to allow European companies wishing to cooperate with Iran to circumvent U.S. sanctions. However, until now, none of the 28 member countries of the European Union has been willing to host this special mechanism. Previously, media reports indicated that Austria and Luxembourg had refused to host this special mechanism. Iranian officials state that since the nuclear agreement between Iran and the six world powers in 2015, the International Atomic Energy Agency has confirmed Iran's compliance with the terms of the JCPOA "13 times." Despite this compliance, Iran has not yet benefited from the economic advantages of the JCPOA. Ali Akbar Salehi, head of Iran's Atomic Energy Organization, who attended a seminar on Iran-Europe nuclear cooperation on Monday, warned the European Union that if it does not fulfill its commitments regarding Tehran's economic benefits from the JCPOA, this situation will have "grave consequences."