EU still struggling with system to bypass sanctions on Iran

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EU attempts to circumvent US sanctions on Iran and maintain trade with the republic are failing. Austria recently refused to host a special purpose vehicle (SPV) payment system that would give EU member states a way to avoid exposure to US secondary sanctions on trade with Iran. The decision is another setback in the EU’s attempt to keep the 2015 Iran deal in place and, according to Axios, with no SPV, the Middle Eastern state is likely to have less reason to adhere to the accord. Reportedly, the EU will next target Luxembourg to host an SPV.