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News: Iran Economy

Germany's Trade With Iran's Regime Collapses Under Sanctions

Germany's Trade With Iran's Regime Collapses Under Sanctions

Trade between Germany and Iran's regime has collapsed under the impact of United States sanctions, data published by Funke newspapers showed, Reuters reported on Friday.

Data from the German Chamber of Commerce showed that trade volumes between Tehran and Europe’s largest economy were down 49% over the first four months of the year compared to the same period in 2018, with volumes continually declining.

The fall - to a total volume of 529 million euros - shows the impact of sanctions, imposed by the U.S. administration of President Donald Trump, that punish companies doing business with Iran's regime by depriving them of access to the U.S. market.

There were some 60 German companies still doing business in Iran, according to Dagmar von Bohnstein, the Chamber’s representative in the country, but they were increasingly working only with local staff.

European powers are keen to preserve the deal signed by Trump’s predecessor, which relaxed international sanctions on the Iranian regime in return for Tehran accepting curbs on its nuclear program that are designed to prevent it from developing nuclear weapons.

European nations have tried to save the deal by maintaining some of its economic benefits despite U.S. sanctions. So far they have failed, with Iran's regime largely shut out from oil markets and all major European companies cancelling plans to invest.

The latest data shows that German exports to Iran were down 49 percent in the same period to 450 million euros.

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