News ID: 214869
Published: 0217 GMT May 11, 2018

Germany to help its firms in Iran after US pullout from nuclear deal

Germany to help its firms in Iran after US pullout from nuclear deal

Germany's economy minister said Berlin will work to avert negative fallout from the US withdrawal for companies active in Iran.

German Economy Minister Peter Altmaier said on Friday that Germany was set to do all it could to protect businesses involved with Iran after US President Donald Trump decided to pull his country out of the 2015 Iran nuclear accord.

"We are ready to talk to all the companies concerned about what we can do to minimize the negative consequences," Altmaier told Deutschlandfunk public radio. "That means, it's concretely about damage limitation."

Altmaier's comments come after the new US Ambassador to Germany Richard Grenell, on Tuesday called on "German companies doing business in Iran" to "wind down operations immediately" after the US pullout — a comment heralding possible sanctions from the US on such companies.

Germany, with France and Britain, has said it remains committed to the nuclear deal and has no intention of breaking off business ties with Iran as long as the Islamic Republic upholds its side of the agreement.

"What we are doing [...] is to assist and advise these companies active in Iran, which want to be active in Iran and to advise them, including legally," Altmaier said.

He also said that Berlin saw no immediate cause to change its Hermes export guarantee scheme for Iran.

The government-backed scheme, which is credited with securing tens of thousands of jobs in Germany, enables exporters to cover themselves against economic risks and political risks in a particular country.

"We are just starting a conversation about what the economic implications are, and how we can avoid negative consequences for jobs in Germany," he said.

Some 120 German companies run operations with their own staff in Iran and some 10,000 German businesses trade with the country.

German exports to Iran were worth some €3 billion ($3.57 billion) last year, making up just more than 0.2 percent of all German exports.

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