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.