German SMEs willing to continue business with Iran despite US bans

TEHRAN, Dec. 11 (MNA) – German small and medium-sized enterprises (SMEs) are willing to continue business relations with Iran despite the risk of US sanctions, according to a report.

Data seen by Reuters showed on Tuesday that German exports to Iran soared in October, a month before the United States re-instated sanctions on Iran targeting its oil and banking sectors following Washington's unilateral withdrawal from the 2015 nuclear deal known as the JCPOA.

The surge signals willingness among Germany’s small to medium-sized firms, or Mittelstand, to continue doing business with Iran despite the risk of being blacklisted by the United States for defying its sanctions, according to Reuters.

Reuters' report added that German goods exported to Iran totaled almost 400 million euros ($455 million) in October, a year-on-year surge of 85 percent and the highest monthly volume since 2009.

Around 1,000 German Mittelstand companies have business ties to Iran and 130 have set up branches in the country. Multi-national companies, including German engineering giant Siemens, have pulled out of Iran, fearing US sanctions.


News Code 140426


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