Implementation of the Joint Comprehensive Plan of Action: Joint Ministerial Statement
New York, 24/09/2018
1. A Ministerial Meeting of the E3/EU+2 (China, France, Germany, the Russian Federation and the United Kingdom, with the High Representative of the European Union for Foreign Affairs and Security Policy) and the Islamic Republic of Iran, the participants of the Joint Comprehensive Plan of Action, was held on 24 September 2018 in New York.
10. Mindful of the urgency and the need for tangible results, the participants welcomed practical proposals to maintain and develop payment channels, notably the initiative to establish a Special Purpose Vehicle, to facilitate payments related to Iran's exports (including oil) and imports, which will assist and reassure economic operators pursuing legitimate business with Iran. The participants reaffirmed their strong will to support further work aimed at the operationalisation of such a Special Purpose Vehicle as well as continued engagement with regional and international partners.
Remarks by HR/VP Mogherini following a Ministerial Meeting of E3/EU + 2 and Iran
I would like to add a word on the Special Purpose Vehicle, as I imagine this will raise questions from your side. The decision to establish it has been taken, also following extensive exchanges we had since the Joint Commission Ministerial Meeting on 6 July. Now another meeting of technical experts from Member States will be convened to take this work forward and operationalise the Special Purpose Vehicle at the technical level.
Briefing on Iran
Senior Policy Advisor to the Secretary of State and Special Representative for Iran
Lotte New York Palace Hotel, New York City
September 25, 2018
QUESTION: Brian, is there anything that the U.S. can do to stop this special – this SPV that the Europeans are talking about? I mean, that could really undermine what the U.S. is trying to do.
MR HOOK: It can’t.
QUESTION: Why not?
MR HOOK: It can’t undermine it.
QUESTION: I mean, they were --
MR HOOK: Because the revenue – what we’re talking about is so small that it’s insignificant. All the major corporations have made their decisions to leave the Iranian market. It’s all out there in the public. You can see all the European companies that have made their decision. And they’re doing it because they’re making their decisions based on business. And so as I said earlier, companies have a choice either to do business in Iran or in the United States. Very few companies are going to choose Iran over the United States, and so that’s just the economic reality. And so I really don’t think we need to spend a lot of time on special purpose vehicles. It’s – I really – there’s some risk of, like, over-emphasizing its importance. Certainly, Federica Mogherini can talk about that, but we just don’t see it as a big factor.