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Iran sanctions shadow falls on smaller German banks

Iran sanctions shadow falls on smaller German banks

German exports to Iran have grown since the nuclear deal was signed in 2015, adding 15.5 percent last year to reach almost 2.6 billion euros ($3.0 billion) after 22-percent growth in 2016.

Such figures remain vanishingly small compared with Germany's 111.5 billion euros in exports to the US -- its top customer.

Germany's two biggest banks, Deutsche Bank and Commerzbank, avoid Iran completely after being slapped with harsh fines in 2015 over their dealings there, with Deutsche alone paying $258 million in penalties.

Even that linkage could break if Iran's biggest business bank appears on a US list of barred businesses as it has before.

Neither does the Bundesbank (German central bank) believe that much has so far changed for business with Iran.

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