ECONOMY

Germany’s DZ Bank to halt Iran transactions in July

European powers have vowed to keep the 2015 nuclear deal alive without the United States by trying to keep Iran’s oil and investment flowing. (Shutterstock)

Germany’s No. 2 lender DZ Bank said on Friday it will suspend financial transactions with Iran in July following US President Donald Trump’s pullout from the nuclear deal with Tehran.

Trump’s withdrawal of the United States from the accord and his order that sanctions be reimposed have led several European companies to announce their exit from Iran, including French oil major Total earlier this week.

“We will completely suspend our foreign payment transactions related to Iran starting July 1st,” said a spokesman for Frankfurt-based DZ Bank, which is the umbrella organization of German cooperative bank chain Raiffeisen-Volksbanken.

Germany’s export credit insurer Euler Hermes AG said on Friday it has guaranteed exports to Iran worth 200 million euros ($235.46 million) since 2016. The program remains in place for now and companies can still apply guarantees, Hermes said.

European powers have vowed to keep the 2015 nuclear deal alive without the United States by trying to keep Iran’s oil and investment flowing, but have admitted they would struggle to provide the guarantees Tehran seeks.

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Last Update: Friday, 18 May 2018 KSA 21:59 - GMT 18:59
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