The leading associations of the German economy are calling for more independence of the European Union of the US trade policy. However, despite all the protests, the majority of the companies hands are tied.
The German economy rating of the new US sanctions against Iran as an act against European interests. The foreign trade Association BGA spoke on Monday of a “further Affront to the US government compared to Europe”. The emancipate underline the necessity of the US foreign economic policy.
The German chambers of industry and Commerce (DIHK) as a result of the business of German companies with Iran in the decline. “The pointer to the rescue of the German-Iranian economic relations, is already at five before twelve,” said DIHK President Eric Schweitzer (article image). The German and European business with Iran run the risk, to come entirely to a Standstill.
The German government said that German companies are not fully from the negative impact of the US sanctions to protect. You could possibly try to give small and medium-sized commercial facilities. There would, however, continue to engage in business with Iran, according to European law it is legal.
Either Iran or the US business
Schweitzer predicted that the Iranian economy is likely to shrink for the foreseeable future. German companies were increasingly out of the country. “In addition to the lack of availability of banks that handle the business with Iran and Fund drives, many companies also worry about losing their US business, if you are still active in Iran.” To give slight hope is the fact the occasion that the EU would allow for a kind of exchange more deals with Iran.
The USA have set on Monday as announced tougher sanctions against Iran in force. These meetings in addition to the Oil industry, the Iranian air and Maritime, as well as the banking sector. In the centre of the Oil production of Iran, which accounts for around a third of government revenue.
Protests against the US sanctions in Tehran
Industries affected to varying degrees
German and European vehicle manufacturers had already met the first part of the sanctions in August, hard. Daimler entered the retreat and stated that its business in Iran “until further notice” complete set. Daimler had announced in 2016, after the end of sanctions in Iran, Trucks to sell. Volkswagen confirmed a possible retreat so far. The Wolfsburg-based car maker said in September, to adhere to “all applicable national and international laws and Export regulations”. The US Ambassador in Germany, Richard Grenell, who had previously announced, Volkswagen will drag on because of the US sanctions is almost completely back. The French manufacturers Renault and PSA produce nearly half of all newly registered cars in Iran. They responded differently to the sanctions of the USA: Renault wants to make – on a reduced scale; PSA from rising.
After the nuclear agreement with Iran, the biggest business deals between European companies and Iran on the plane had come in-the area. Alone Airbus received orders for hundreds of machines. A loss of the Iranian market is likely to be a catastrophe for the company in the light of the world, more than 7000 aircraft on order, however. A day before the start of the sanctions in August, the French-Italian manufacturer ATR delivered five new aircraft. For the rest of the seven orders, the company had to find other customers.
The USA are evidence of the Import of energy and Oil from Iran for Monday with new sanctions. Nevertheless, the French group had announced the Total in August, with his exit from the business with Iran. Since 2015, a Total of up to $ 100 million (88 million euros) was invested in the exploitation of gas reserves in Iran.
Without banks, no transactions
European banks, which are involved from Monday to transactions by Iranian banks to lose access to the US markets. Most of the financial institutions announced as soon as their retreat – only a few small and specialized banks execute payment transactions.
In tourism, most of the effects are felt mostly indirectly, through the restrictions in the payment. The airlines British Airways and Air France ceased in September your flights to Iran. Lufthansa and Alitalia, however, want to continue to fly to the capital city of Tehran.
The trade with drugs is not directly under the US sanctions. However, it should be for the manufacturer because of the actions of Washington against the Iranian banking sector is difficult to receive payments for their deliveries. The French pharmaceutical giant Sanofi will, nevertheless, continue its business in Iran.
tko/gri (rtr, afp)