‘German companies ignore U.S. sanctions in trade with Iran’

June 22, 2019

TEHRAN – Dozens of German companies are still continuing their activities in Iran and keeping their offices in the country despite the rising pressures from the U.S. government, the Portal of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) reported on Saturday.

According to a French news agency, the data released by the German Chamber of Commerce and Industry shows that German companies have not paid much attention to U.S. sanctions.

“About 60 German companies are still cooperating with Iran. Iran's economic situation is very sensitive and U.S. sanctions have had a significant negative impact on banking and financial ties with Iran,” an official with the German Chamber of Commerce and Industry told International France Press.

According to customs data, Germany's exports to Iran reached 339 million euros during Q1 2019. 

The most important export items to Iran were machine tools, home appliances, electronic and laboratory equipment, as well as industrial products including optics and automation products. 

The economic relations between Iran and Germany have traditionally been close and more than 30 percent of Iran's industrial infrastructure has been produced in Germany.

In 2017, trade between the two countries grew by 17 percent from 2016 to 3.4 billion euros. German exports to Iran in the mentioned year exceeded three billion euros, while Germany's imports from Iran touched 410 million euros. 

Germany is Iran’s biggest trading partner in the European Union.

EF/MA

Leave a Comment

3 + 0 =