Sputnik - After the US withdrawal from the Iran nuclear deal and its decision to re-impose sanctions, business cooperation with the Islamic Republic is becoming more and more difficult for European firms.




Germany's major financial institutions are avoiding doing business with�Iran amid�penalties for�breaching US sanctions, the German newspaper Handelsblatt reported.

For instance, the country's major banks, Deutsche Bank and Commerzbank, stopped dealing with�Tehran after�receiving harsh fines in�2015 over�their transactions there, and others may follow the suit.

However, smaller banks are eager to�take advantage of�the opportunity and are continuing to�cooperate with�Iran despite�the looming threat of�penalties, the media outlet wrote.
"We will continue to�serve our clients," Patrizia Melfi, a director at�the "international competence center" (KCI) established by�six cooperative German savings banks, was quoted by�the AFP as�saying.


At the same time, the German central bank noted that not much has changed for�cooperation with�Iran so far.
"Only the European Union's sanctions regime will be decisive," the bank told the news agency, adding that it remains to�be seen what decision Brussels is going to�make.


Following Trump's decision to�withdraw from�the nuclear deal and re-impose sanctions on�Tehran, as�well as�secondary sanctions on�countries dealing with�it, companies doing business with�the country must be cautious not to�become subject to�US restrictions.

Financial transactions are carried out�in euro, and some firms do not work with�businesses that have American citizens or green card resident holders among�their staff members.