Germany Bows to International Pressure over Iranian Bank

According to information obtained by the German daily Süddeutsche Zeitung, the German government has now decided to drop its opposition to putting the European-Iranian Trade Bank (EIHB) on an EU black list during an upcoming review of EU sanctions against Iran.

Despite Iran's pariah status, Germany is still the third-largest exporter to the country, after the United Arab Emirates and China. Last year, German exports to the Islamic republic were worth €3.8 billion ($5.5 billion). A number of major companies such as Siemens and ThyssenKrupp have recently decided to stop doing business with Iran, however.

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