Caspian Energy Journal Caspian European Club
Thursday, 13 December 2018 13:00

Germany exports to Iran increase despite sanctions

Germany exports to Iran increase despite sanctions

New figures show that exports by Germany to Iran increased in October, a month before Washington reimposed sanctions on Tehran, Caspian Energy News ( reports with reference to Iran Daily.

Official figures by the Federal Statistics Office showed German companies exported almost 400 million euros ($455 million) to Iran in October, a rise of 85 percent year-on-year. Chemicals made up about half the German goods and machines and plant equipment accounted for a third.

German exports to Iran grew by 4 percent to 2.4 billion euros in the first 10 months of this year, with the German-Iranian Chambers of Commerce and Industry expecting them to continue growing.

Germany, France and the UK say they have set up a special purpose vehicle (SPV) to facilitate non-dollar trade with Iran.

Iran is disappointed with a mass exodus of major European companies which began even before the sanctions kicked in after U.S. President Donald Trump announced pulling the US out of the nuclear deal in May. However, small and medium-sized enterprises (SMEs) stayed behind. Around 1,000 German Mittelstand companies reportedly have business ties to Iran and 130 have set up branches in the country.

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Person in charge of the newsline: Olga Nagiyeva 

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