Iran sanctions: Germany in talks with EU partners

Germany vowed on Monday to continue legitimate business relations with Iran under European Union law, despite the U.S. move to reimpose tough sanctions on Iran.

Speaking at a press conference in Berlin, government spokesman Steffen Seibert said Germany regretted the U.S. withdrawal from the Joint Comprehensive Plan of Action (JCPOA) agreement, known commonly as the Iran nuclear deal.

In May, U.S. President Donald Trump unilaterally withdrew his country from the landmark nuclear deal signed in 2015 between Iran and the P5+1 group of nations (the five permanent UN Security Council members plus Germany).

"In close coordination with our European partners, we are monitoring developments and examining options on how to protect the economic basis of this agreement and protect our companies," he said.

"Under EU law, legal business with Iran should continue to be possible," he stressed.

Washington announced on Monday new sanctions targeting Iran's energy and and financial sectors along with its shipping industry. More than 700 individuals, entities, aircraft, and vessels were blacklisted, including 50 Iranian banks and their domestic and foreign subsidiaries.