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World leaders meet in Vienna
An emergency meeting was held in Vienna in an effort to save the Iran nuclear deal as Iran continues to provoke the west with aggressive actions in the Gulf.
What is the special purpose vehicle and how does it relate to the Iran nuclear deal?
On Friday, July 6th, world leaders met in Vienna to discuss the future of the Iran nuclear deal. The United States pulled out of the agreement earlier this year, which has caused concern amongst other countries involved in the pact.
The Joint Comprehensive Plan of Action (JCPOA) was signed in 2015 by Iran, the US, the UK, France, Germany, China, and Russia. The agreement aimed to limit Iran’s nuclear activity in exchange for the lifting of economic sanctions. Iran has warned that without the US’s involvement, it may be forced to restart its nuclear program.
The meeting in Vienna was led by European Union foreign policy chief Federica Mogherini, who has pledged to save the agreement. Speaking to reporters on Friday, Mogherini said, “We are here to make sure that the SPV – the special purpose vehicle – which we are in the process of setting up, for Iran to benefit from staying in the agreement despite the withdrawal of the United States, will be fully operational and workable, as well as to make sure that the Iranian oil and gas exports remain, in fact, in place.”
The special purpose vehicle is designed to allow countries to trade with Iran without violating US sanctions. The European Union hopes that the SPV will be fully operational by November 4th, the date when US sanctions against Iran are set to go into effect.
In addition to the EU, Russia and China also support keeping the deal intact. Iranian officials have expressed concerns that the remaining countries in the pact may not be able to protect Iran’s economic interests from the US’s economic clout.
Despite these concerns, Mogherini remains optimistic about the future of the JCPOA. “As of today, I can say with certainty that we continue to fully and to respect the agreement. We are determined to continue to full implementation of the JCPOA,” she said at the meeting.
The future of the Iran nuclear deal may be uncertain, given the uncertainty of US foreign policy. But with the backing of the EU, Russia, and China, and the continued commitment of Iran, the agreement may yet survive. The Vienna meeting was a critical step in saving the deal, and the coming months will be vital in determining whether the agreement will continue to hold.
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