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European companies will continue to act with Iran, the EU foreign ministers say. Even though US President Trump is threatening sanctions. Sounds good-but it's difficult.

EU foreign trade: united against trumps sanctions

European companies will continue to act with Iran, the EU foreign ministers say. Even though US President Trump is threatening sanctions. Sounds good-but it's difficult.

EU foreign trade: united against trumps sanctions
Content
  • Page 1 — United against Trump's sanctions
  • Page 2 — for or against America
  • Page 3 — USA could deny market access
  • Read on a page

    For Joe Kaeser, thing seems clear. If Siemens boss had to decide wher to do business with Iran or with United States, he would probably choose America. Finally, in Iran, Siemens is running a "not so big business", said Kaeser a few days ago in a television interview. This was very euphemisticallyly formulated, because Iran is about a clear 130 million euro. This yield is "not material", say also group spokesman, so do not fall furr in Multimilliardenkonzern.

    Joe Kaeser added phrase of primacy of politics. So politics set rules. And this was rewrote by US president Donald Trump last week, by unilaterally terminating Iran agreement. Since n, Europe's foreign ministers have been struggling to save nuclear agreement – and what America's decision is for companies in this country.

    On Tuesday evening, foreign ministers of Germany, France, United Kingdom, EU and foreign Affairs Ministers of Iran agreed to insist on nuclear agreement. The international treaty was agreed by States in middle of 2015 toger with Russia, China and USA. The US is now saying that Trump announced harshest penalties for companies that will continue to trade with or supply goods with Iran. And this threat – this is difficult one – is not only for American companies, but also for European companies. So if you continue to do business with Iran, you can no longer sell your products in America. They are also not supposed to receive any goods from American suppliers. And no longer receive cash flows from US. That's threat.

    It's about three billion euros

    For Siemens, this would mean: with approximately 130 million euros that group last achieved with long-term Iran transactions, company's annual report endangers its entire US business. And that accounts for a fifth of its total turnover of 83 billion euros. Against 130 million euro from Iran are thus around 17 billion euro from USA. A Siemens spokesman puts it like this: "If Iran's revenues dropped, it would not jeopardize our group forecast." On or hand, sales from United States are vital.

    Similarly, it will handle or companies, warn representatives of business associations. Their statements are very similar, regardless of wher one asks BDI, Mechanical Engineering Association VDMA or DIHK: "The recent decision by US president to revive Iran's sanctions is hitting German economy hard," says DIHK president Eric Schweitzer, " The German companies, which are once again engaged in numerous business in Iran, are deeply insecure. " Many business relations had been re-recorded since 2015. So let it be over again. A number of members would prepare to shut down business, say or representatives of Union who would rar not speak out in public.

    German companies have a total of three billion euros, which was sum of German exports to Iran last year. As a result, companies made 16 percent more Iran business than year before, but " great expectations we still had 2015 have not met," says an industry representative. At that time, many people raved about four times turnover to 2018. "There would have been much more in it," says association's representative, "but continuing sanctions have greatly curbed business. Especially because re are hardly any banks that finance such transactions. "

    There is a great danger that many of those who have already ventured into country will retire again. This is less true for SMEs, which in Iran offer a brand new market for ir specialized products, but strong for large corporations such as Daimler or VW, total or Nestlé, for which Iran is in any case only a small part of its global business.

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