Financial Tribune - The Special Purpose Vehicle, a dedicated non-dollar payment channel created by Europe to keep trade flowing with Iran in defiance of US sanctions, is likely to be launched soon.

According to co-chair of Iran-Switzerland Chamber of Commerce, Sharif Nezam-Mafi, the details on SPV's mechanism and method of operation have yet to be revealed.

Last Monday, the European Union’s foreign policy chief said SPV could be in place by the yearend.