We just had a Ministerial Meeting of the [Foreign] Ministers of China, France, Germany, the Russian Federation and the United Kingdom, with me as well as the Islamic Republic of Iran. We agreed a Joint Ministerial Statement that I am now going to read in English. Minister [of Foreign Affairs of Iran, Mohammad Javad] Zarif will afterwards read the same text in Farsi.
I would like to add a word on the Special Purpose Vehicle, as I imagine this will raise questions from your side. The decision to establish it has been taken, also following extensive exchanges we had since the Joint Commission Ministerial Meeting on 6 July. Now another meeting of technical experts from Member States will be convened to take this work forward and operationalise the Special Purpose Vehicle at the technical level.
In practical terms this will mean that EU Member States will set up a legal entity to facilitate legitimate financial transactions with Iran and this will allow European companies to continue trade with Iran, in accordance with European Union law, and could be opened to other partners in the world. You will get more technical information about that, as the technical work continues in the coming days.