CNBC: Europe, Russia and China join forces with a new mechanism to dodge Iran sanctions
* European Union's foreign policy chief announced Monday that the bloc was creating a new payment mechanism to allow countries to transact with Iran while avoiding U.S. sanctions.
* Called the "special purpose vehicle" (SPV), this mechanism would aim to "assist and reassure economic operators pursuing legitimate business with Iran," according to a joint statement released by the remaining members of the Iran nuclear deal.
* The U.S. has the power to expand its sanctions to target the mechanism, putting the venture's feasibility into doubt.
In the latest sign of the growing divide between Washington and its allies, the European Union's foreign policy chief announced Monday that the bloc was creating a new payment mechanism to allow countries to transact with Iran while avoiding U.S. sanctions.
Called the "special purpose vehicle" (SPV), this mechanism would aim to "assist and reassure economic operators pursuing legitimate business with Iran," according to a joint statement released by the remaining members of the Iran nuclear deal — France, Britain, Germany, Russia and China.
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More News On Russia, China, And The EU Agreeing To A New Financial Mechanism To Dodge Iran Sanctions
EU, Iran set financial "vehicle" to ease trade between them -- AP
EU announces mechanism to ease trade with Iran despite sanctions -- France 24
EU and Iran create 'special vehicle' for trade despite US sanctions -- DW
EU, Iran Vow To Keep Trying To Find Ways To Get Around U.S. Sanctions -- RFE
EU and Iran agree on new payment system to skirt US sanctions -- Al Jazeera
Five countries announce deal to defy Trump on oil trade with Iran -- Washington Examiner
EU to create special payment channels with Iran despite US sanctions – Mogherini -- RT
