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Germany Upholds Guarantees For Iran Business Despite U.S. Sanctions

German Chancellor Angela Merkel and U.S. President Donald Trump stand prior to a family picture ahead of the opening ceremony of the NATO summit, at the NATO headquarters in Brussels, July 11, 2018

As the United States is gearing up to make an important announcement on the reimposition of sanctions against Iran on August 6, Germany has signalled it will support companies who do business with the country.

Germany will continue to offer export and investment guarantees for companies doing business with Iran, the economy ministry said on Monday, adding Berlin remained in dialogue with the U.S. on exemptions for German companies from Iran sanctions.

"Export guarantees and investment guarantees from the Federal Ministry of Economics are still available to companies," the economy ministry said.

It remains to be seen how the U.S. will react to the German announcement, which can directly pit Washington's policy against Berlin's intention to help the private sector keep economic ties with Iran.

Reporting based on Reuters