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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Read more:
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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.
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Directed by: Craig Gillespie
Starring: Emma Stone, Emma Thompson, Joel Fry
4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Diriyah%20project%20at%20a%20glance
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Company%20Profile
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COMPANY%20PROFILE
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
COMPANY%20PROFILE
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UAE squad
Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ETelr%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202014%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E65%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20and%20payments%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3Enearly%20%2430%20million%20so%20far%3C%2Fp%3E%0A
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
BMW%20M4%20Competition
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