Europe’s efforts to defy US sanctions on Iran by channelling trade through an EU-backed fund have suffered a damaging blow after Austria refused to run the mechanism from Vienna.
None of the big three countries in Europe that were part of the negotiations for the 2015 deal that lifted sanctions in a return for a freeze on the nuclear programme have volunteered for the role. Last week Paris ruled out playing the role and the focus had turned to Vienna.
One European official said that the stand-off over the so-called Special Purpose Vehicle (SPV) was deepening having dashed efforts to have the fund up and running before the second phase of US sanctions on Iran’s oil trade kicked in on November 4.
“There was a deadline and we missed it,” the diplomat said. “It is proving more complicated than anticipated but there is still determination to get this done. We are committed to it."
Officials are now believed to be trying to secure a basing and management agreement with smaller member states.
The SPV is designed to acting as a non-dollar clearing house to match revenues from Iranian oil and gas exports to Tehran’s purchases of EU goods, including medicines. While not exactly a barter arrangement, it would involve European role in administrating and monitoring Iran’s import trade.
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When the concept was agreed in the summer, diplomats hoped the body would be operational early next year.
The SPV is seen as the lynchpin of European efforts to salvage the nuclear accord, from which U.S. President Donald Trump - who took office after the pact was clinched - withdrew in May, calling it flawed in Iran's favour.
In a separate intervention a senior US sanctions official, Sigal Mandelker, Treasury’s undersecretary for terrorism and financial intelligence, has said the difficulties could see the Europeans reversing opposition to the Washington’s squeeze on Iran.
“I’m not concerned about the SPV actually at all, and I do believe that we’re going to find additional mechanisms by which we can work together,” she said. Mandelker told reporters in London. “I very strongly believe that we have a common picture with our European allies.”
Austria has declined a request to play host for the SPV. Belgium and Luxembourg are now the focus of hopes for a basing agreement but their governments too have expressed strong reservations
The reluctance arises from fears that SPV reliance on local banks to smooth trade with Iran may incur American sanctions. "Austria has indeed refused. It's not dead, but it's not going in the right direction. We are going to try again with Luxembourg, but we're under no illusions," said a European diplomat.
Luxembourg was a candidate to manage the Iran SPV as it had experience setting up a similar mechanism during the 2009-12 eurozone financial crisis.
ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
MATCH INFO
Watford 1 (Deulofeu 80' p)
Chelsea 2 (Abraham 5', Pulisic 55')
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
COMPANY PROFILE
Name: SupplyVan
Based: Dubai, UAE
Launch year: 2017
Number of employees: 29
Sector: MRO and e-commerce
Funding: Seed
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE (+4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
Schedule
November 13-14: Abu Dhabi World Youth Jiu-Jitsu Championship
November 15-16: Abu Dhabi World Masters Jiu-Jitsu Championship
November 17-19: Abu Dhabi World Professional Jiu-Jitsu Championship followed by the Abu Dhabi World Jiu-Jitsu Awards
The Roundup
Director: Lee Sang-yong
Stars: Ma Dong-seok, Sukku Son, Choi Gwi-hwa
Rating: 4/5
RESULTS
9pm: Maiden (PA) Dh70,000 (Dirt) 2,000m
Winner: Mubhir Al Ain, Antonio Fresu (jockey), Ahmed Al Mehairbi (trainer)
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m
Winner: Exciting Days, Oscar Chavez, Doug Watson
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m
Winner: Suny Du Loup, Marcelino Rodrigues, Hamad Al Marar
10.30pm: Maiden (PA) Dh70,000 (D) 1,800m
Winner: Jafar Des Arnets, Oscar Chavez, Ahmed Al Mehairbi
11pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Taj Al Izz, Richard Mullen, Ibrahim Al Hadhrami
11.30pm: Maiden (PA) Dh70,000 (D) 1,400m
Winner: Majdy, Antonio Fresu, Jean de Roualle
12am: Maiden (PA) Dh70,000 (D) 1,400m
Winner: Hamloola, Sam Hitchcott, Salem Al Ketbi
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
COMPANY PROFILE
Company name: Terra
Started: 2021
Based: Dubai
Founder: Hussam Zammar
Sector: Mobility
Investment stage: Pre-seed funding of $1 million
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)