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US Doubles Trade with Iran but Bans Europe, Asia: Germany

BERLIN – While the US companies have doubled their trade volume with Iran, Washington continues to ban the European Union firms from doing business with the country, said a senior German official.
The remarks were made in a tweet by Miguel Berger, the Director-General for Economic Affairs and Sustainable Development at Germany’s Federal Foreign Office, who also serves as German envoy in the Instrument in Support of Trade Exchanges (INSTEX), the special payment channel created by Europe to facilitate trade with Tehran in the face of the US sanctions.
He referred to the growing US exports to Iran in 2018 and said this comes as European firms are banned from trading with the country.
“The US trade with Iran has more than doubled in 2018, the highest level in ten years. At the same time European companies are discouraged from doing business with the country,” he was quoted as saying in a report by Fars news agency.
US President Donald Trump who had described the Iran nuclear deal as a catastrophe during his presidential campaign unilaterally withdrew from the accord in May 2018. Since then, his administration has launched an extensive campaign to ban foreign firms from establishing any trade ties with the Islamic Republic.
Reports by European media say the US treasury officials have directly contacted CEOs of European firms to warn them against direct trade ties with Iran
(Sahar News Monitoring Desk)

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