TEHRAN – Presidential chief of staff Mahmoud Vaezi said on Wednesday the special purpose vehicle (SPV), a European mechanism which aims to facilitate trade with Iran in defiance of U.S. sanctions, will come into effect within two or three weeks.

Speaking on the sidelines of a cabinet session, Vaezi pointed to the recent measures taken by the European Union to save the 2015 nuclear deal following the U.S. exit, saying the EU has vowed to counter Washington’s renewed sanctions on Iran, Tasnim reported.

On May 8, U.S. President Donald Trump pulled his country out of the Joint Comprehensive Plan of Action (JCPOA) and ordered re-imposition of sanctions on Iran.

MH/PA