EU mechanism for Iran trade to be symbolically ready on Nov. 4: diplomats

A new European Union mechanism to facilitate payments for Iranian exports should be legally in place by Nov. 4, when the next phase of U.S. sanctions hit, but it will not be operational until early next year, three diplomats said.The mechanism, a so-called special purpose vehicle (SPV), is designed to circumvent the sanctions, under which Washington can cut off any bank that facilitates oil transactions with Iran.