EU, China and Russia in move to sidestep US sanctions on Iran

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Special Purpose Vehicle aims to keep Iran in 2015 nuclear deal with barter system

The European Union, Iran, China and Russia have set out a plan to sidestep unilateral US sanctions designed to cripple the Iranian economy and force the Iranians to renegotiate the nuclear deal signed in 2015.

European diplomats hope the proposed measure – known as a special purpose vehicle (SPV) – will help persuade an increasingly reluctant Iran to stay inside the deal in the hope of rescuing its economy.

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