Cuba has expressed interest in a plan by the European Union to create a mechanism to get round US sanctions against Iran, saying it hopes the mechanism would also help it sidestep the trade embargo that Washington has imposed on it for decades now.
Cuba interested in Iran-EU clearing mechanism
20 Nov 2018 - 9:16
Cuba has expressed interest in a plan by the European Union to create a mechanism to get round US sanctions against Iran, saying it hopes the mechanism would also help it sidestep the trade embargo that Washington has imposed on it for decades now.
A senior Cuban official was quoted as saying by media that Havana was watching the progress of discussions between Tehran and Brussels over the creation of a "special purpose vehicle" (SPV) which would provide a tentative solution for clearing payments to Iran normally banned under US sanctions.
"There was a mention of this instrument and we of course also raised the interest that we would have in any solution of this kind that would allow European companies to become increasingly involved in foreign investment and bilateral trade with Cuba," senior Cuban foreign ministry official Rodolfo Reyes told AFP.
Despite a thawing of ties under Trump's predecessor Barack Obama, the US still has a sweeping economic embargo in force against Cuba that dates back to the 1960s, AFP reported.
The SPV would in theory allow Iran to keep selling oil and European companies to continue doing business in the country despite the US sanctions.
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