Export cuts to Iran inflicted $10b of losses on Europe: Envoy

SHANA – Austrian Ambassador to Tehran Stefan Schulz voiced the European Union’s keenness to establish new financial channels to continue transactions with Iran, saying the reduction of exports to Iran had so far inflicted a huge damage on Europe of up to around 10 billion dollars.

Addressing a meeting of foreign representatives of foreign businesses residing in Iran that was held on Monday, the Austrian envoy said the EU was keen to maintain ties with Iran and continue buying oil from the country.

He said the Euro-zone had so far underwent 10 billion dollars in losses because of reduced exports to the Iranian market.

Schulz said Iran had proven it had a clear strategy to deal with the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA).