Trade between Germany and Iran collapsed under the influence of US sanctions, data published by Funke newspapers showed, supporting Iran’s assertion that Europe is failing to help preserve the nuclear non-proliferation deal it signed, Reuters reported. 

Data from the German Chamber of Commerce showed that trade between Iran and Europe’s largest economy declined by 49% in the first four months of the year compared with the same period in 2018, while volumes were constantly decreasing.

The fall - to a total of 529 million euros - shows the impact of the sanctions imposed by the US President Donald Trump’s administration, which penalizes companies doing business with Iran, denying them access to the US market.

According to Dagmar von Bohnstein, a representative of the Chamber of Commerce, about 60 German companies still do business in Iran, but they are increasingly working only with local staff.

European countries tried to save the deal, retaining some of its economic benefits, despite US sanctions. So far, they have failed: Iran is largely closed off access to oil markets, and all large European companies are canceling investments.

Recent evidence that Germany’s exports to Iran fell by 49 percent confirm Iran’s insistence that Europe’s efforts are too weak for Tehran to continue to maintain the deal.