Brussels — European banks and firms that engage in a special EU initiative to protect trade with Iran will be at risk from newly reimposed US sanctions, the US special envoy for Iran warned on Thursday. It is “no surprise” that EU efforts to establish a so-called Special Purpose Vehicle (SPV) for nondollar trade with Iran are floundering over fear in EU capitals that hosting it would incur US punishment, special representative Brian Hook said. “European banks and European companies know that we will vigorously enforce sanctions against this brutal and violent regime,” he said in a telephone briefing with reporters. “Any major European company will always choose the American market over the Iranian market.” The SPV is seen as the linchpin of European efforts to salvage the 2015 nuclear accord with Iran from which US President Donald Trump, who took office after the deal was sealed, withdrew in May.
Iran has warned it could scrap the agreement, which curbed its disputed programm...
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