Germany’s small-to-medium-sized firms, or Mittelstand, are scrambling to work out how to maintain business in Iran after a meeting between Germany’s foreign minister and his US counterpart dashed any hopes of a breakthrough on the nuclear accord.
US Secretary of State Mike Pompeo has threatened to impose the “strongest sanctions in history” against Iran after US President Donald Trump pulled out of the Iran nuclear deal this month.
Faced with the prospect of being blacklisted by the United States if they defy sanctions, many German companies are awaiting guidance from Berlin about how they can honor contracts and continue financing operations in the Islamic Republic.
May 25, 2018 18:59
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German Companies Seek Ways to Keep Doing Business With Iran
Around 1,000 German Mittelstand firms have business ties to Iran and 130 firms have set up branches in Iran
Patrizia Melfi, director of the international competence center for six regional Volksbanken that have specialized in transactions with difficult countries, said they would continue to process transactions from Iran
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