Germany-Iran trade collapses under U.S. sanctions - report

BERLIN (Reuters) - Trade between Germany and Iran has collapsed under the impact of United States sanctions, data published by Funke newspapers showed, supporting Iran's assertion that Europe is failing to help preserve the nuclear non-proliferation deal it signed.

Reuters June 28, 2019 07:07:20 IST
Germany-Iran trade collapses under U.S. sanctions - report

GermanyIran trade collapses under US sanctions  report

BERLIN (Reuters) - Trade between Germany and Iran has collapsed under the impact of United States sanctions, data published by Funke newspapers showed, supporting Iran's assertion that Europe is failing to help preserve the nuclear non-proliferation deal it signed.

Data from the German Chamber of Commerce showed that trade volumes between Iran 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 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 Iran in return for Tehran accepting curbs on its nuclear program that are designed to prevent it from developing nuclear weapons.

Tehran has said it pursued only a peaceful nuclear program.

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 largely shut out from oil markets and all major European companies cancelling plans to invest.

The latest data, showing that German exports to Iran were down 49 percent in the same period to 450 million euros, lend weight to Iran's insistence that Europe's efforts are having too little impact for it to be worth Tehran sticking to the agreement.

(Reporting by Thomas Escritt, Editing by William Maclean)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Cargo from Dubai arrives in Haifa, cementing Israel-UAE trade route
Business

Cargo from Dubai arrives in Haifa, cementing Israel-UAE trade route

By Rami Amichay HAIFA, Israel (Reuters) - The ship-to-shore crane paused above the cargo ship just arrived from Dubai, then set its load down on the pier in Israel.

As globe gallops into vaccine trials, insurers remain unfazed
Business

As globe gallops into vaccine trials, insurers remain unfazed

By Noor Zainab Hussain, Carolyn Cohn and Ludwig Burger LONDON/FRANKFURT (Reuters) - The world is racing towards a vaccine in record time, stirring public concerns about safety to the extent that nine leading developers have felt compelled to issue a pledge to uphold scientific standards and testing rigour. Yet, while more than 40 experimental COVID-19 vaccines are being tested on humans, the insurance companies with decades of experience in assessing the risks of clinical trials don't see anything to be unduly concerned about.

EU watchdog to clarify share trading after full Brexit
Business

EU watchdog to clarify share trading after full Brexit

By Huw Jones LONDON (Reuters) - The European Union's securities watchdog said it expects to make a statement soon on where shares listed in the bloc must be traded after Britain's full departure from the European Union in December.