US opposes EU's special purpose vehicle plan

The European Union's plans for a "special purpose vehicle" (SPV) designed to circumvent U.S. sanctions against Iran's oil exports is deeply counterproductive, U.S. Secretary of State Mike Pompeo said on Tuesday.

"Unfortunately, just last night I was disturbed and indeed deeply disappointed to hear remaining parties in Iran (nuclear) deal announce they are setting up a special payment system to bypass U.S. sanctions. This is one of the most counterproductive measures imaginable for regional global peace and security," Pompeo said at the conference. "By sustaining revenues to the regime you are solidifying Iran's ranking as (the) No. 1 state sponsor of terror."