EU-Iran trade vehicle could be ready by year-end

BRUSSELS - The European Union's foreign policy chief has said that a system to facilitate nondollar trade with Iran and circumvent US sanctions could be in place by year's end.

The EU wants the so-called Special Purpose Vehicle to help preserve the economic benefits for Iran deriving from the curbs it placed on its nuclear program under a 2015 deal with world powers, from which US President Donald Trump withdrew the United States in May.

EU diplomats had hoped to have the SPV in place by now but ran into delays as member states balked at hosting it for fear of being targeted by the revived US sanctions against Iran.