Germany’s new Foreign Minister Heiko Maas

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  • From left, French Foreign Minister Jean-Yves Le Drian, UK Foreign Secretary Jeremy Hunt, and German Foreign Minister Heiko Maas launch the long-awaited special vehicle for Iran trade in Bucharest, Romania, on Jan. 31. (Daniel Mihailescu/AFP/Getty Images) 2019-02-01 22:13

    BY Haniyeh Sadat Jafariyeh

    SPV: A European mechanism to struggle U.S., gain economic autonomy

    In their joint statement on that last day of January, French Foreign Minister Jean-Yves Le Drian, German Foreign Minister Heiko Maas, and British Foreign Secretary Jeremy Hunt introduced the SPV (a special purpose vehicle) also called INSTEX (Instrument in Support of Trade Exchanges), the financial mechanism which enables Iran to keep doing business with the rest of the world despite the draconian financial sanctions imposed by the Trump administration.