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US warns European banks, businesses against using Iran-EU trade mechanism

Published: Updated:

The United States on Wednesday warned European banks, investors and businesses against engaging with the so-called special purpose vehicle (SPV), a Europe-backed system to facilitate non-dollar trade with Iran and circumvent US sanctions.

“If you are a bank, an investor, an insurer or other business in Europe you should know that getting involved in the … Special Purpose Vehicle is a very poor business decision,” Tim Morrison, Special Assistant to the President and Senior Director for Weapons of Mass Destruction and Biodefense told a conference.

He has also called Iran’s move to scale back some curbs to its program “nothing less than nuclear blackmail of Europe”.