Wednesday, 24 Jul 2019

Germany economy among critics of US sanctions against Iran


IllustrationIllustration - The Germany Chamber of Commerce and Industry and economic circles criticized President Trump's policy towards Iran. However, many companies were forced to withdraw from the Mullah state. The German Chamber of Commerce and Industry, DIHK and other industry associations criticized the US economic sanctions policy against Iran which was very contrary to European and German interests. 

DIHK Chairman Eric Schweitzer (photo article) said the current situation of German-Iranian economic relations was critical after the Trump administration's decision.

The German BGA Exporting Association criticized even harder. In a statement released on Monday, November 19 2018 the BGA said, the re-application of economic sanctions against Iran was "another slap from the US government for Europe". 

The BGA stressed the importance of Europe's "emancipation" and breaking away from dependence on the US in the export business.

The German government itself explained that it could not guarantee German companies to avoid the negative effects of US economic sanctions. The government can indeed seek some concessions for small and medium-sized companies, but there is no guarantee that German companies will avoid US sanctions. But the German government stressed that there is still business with Iran that is legal according to the European Union Law.

DIHK Chairman Eric Schweitzer estimates that German-Iranian business in the near future will experience a big decline. Because more and more German companies are withdrawing from Iran.

"In addition to sanctions against banks, who are willing to make transactions and finance business to Iran, many companies are worried that they will lose their business in the US, if they remain active in Iran," he said. Even though the European Union has planned to conduct transactions with Iran through special means.


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