LONDON (Reuters) – The United States is not too concerned by Europe’s idea for a special purpose vehicle (SPV) to circumvent U.S. sanctions with Iran as companies are withdrawing from the country in droves, the senior official for financial intelligence said.

“I think the bigger news in Europe is that companies are withdrawing from Iran in droves,” Under Secretary of the Treasury Sigal Mandelker told reporters in London. She is due to travel to other European capitals.

“I am not concerned by the SPV actually at all,” she said. “I do believe we are going to find additional mechanisms by which we can work together.”

The United States, Mandelker said, would strictly enforce its sanctions on Iran. When asked what was next on Iran, she said: “On Iran you are going to see a lot more from us.”

SWIFT, which facilitates the bulk of global cross-border payments, has already cut off the Iranian central bank and other financial institutions, Mandelker said.

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