European businesses likely to pay the price of Trump quitting the Iran deal
Here’s what big German, French, Italian and British companies, already doing busines with Iran, might have to rethink
Paris — European economic heavyweights, including Germany and France, are expected to pay a hefty price after US President Donald Trump decided to quit the landmark nuclear deal with Iran. European businesses rushed to invest in Iran following the 2015 agreement, from which the US president announced his country’s exit on Tuesday. Fresh sanctions on Iran will hinder foreign businesses from operating there, with European enterprises risking US sanctions should they fail to wind up investments within six months. Here is who could stand to lose from the sanctions: Germany Germany, the top European exporter to Iran, has seen a surge in financial activity in the Islamic Republic since the Joint Comprehensive Plan of Action (JCPOA) was sealed in Vienna in April 2015. In 2016, Germany delivered €2.57bn worth of goods to the country. The following year, German exports jumped to €2.97bn, a 15.5% year-on-year increase. Berlin’s exports include machinery, pharmaceutical products and foods. Ira...
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