Progress has been slow in developing the SPV, a key element of the European Union’s effort to keep Iran from quitting the Joint Comprehensive Plan of Action, the 2015 accord to constrain the nation’s nuclear activities in exchange for sanctions relief. The U.S. pulled out of the deal in May and has since reimposed sanctions.
The EU, led by France, Germany and the U.K., has struggled to find a government willing to host the vehicle, which risks drawing criticism from the American administration. Still, EU foreign policy chief Federica Mogherini had said in December that the SPV would be established by the start of 2019.
Mogherini’s spokeswoman on Thursday indicated that work remains to be done.
“The SPV preparations have progressed; they are at an advanced stage,” the spokeswoman, Maja Kocijancic, told reporters in Brussels. “I hope that we can announce the launch very soon.”
The three EU diplomats who commented on the timetable all declined to be named because of the sensitivity of the matter. One of them cautioned that while the official launch had been set for Jan. 28, outstanding issues meant there could be a short delay. EU member states have agreed the SPV should be finalized by the end of the month, the diplomat said.
The EU has been considering a plan for Germany, France and Britain to share responsibilities for the special vehicle, two people familiar with the discussions told Bloomberg in December. Under that proposal, the entity could be based in France and led by a German, with the U.K. also playing a role, according to one of the people.
“We’re working on it together with the member states responsible,” Kocijancic said on Thursday without providing further details.
