Publishe Date: 9:52 AM - 8/9/2014 | Print

Italian Companies Harmed by Iran Sanctions

Economy - Italy's economy is suffering from the negative impacts of the unilateral sanctions imposed against Iran, a report by the Sace Insurance Company said, adding that over 15bln euros of losses in the country's exports to Iran in the past few years testifies to the claim.

The company's report said that Italy has sustained over 15bln of euros after the US and the European Union imposed sanctions against Iran since 2006.

Most of Italy's losses were related to exports of industrial machinery to Iran which accounted for over half of the European country's exports to Iran.

The company's report went on to say that the US-led sanctions on Iran resulted in a 52-percent reduction in the European Union's exports to the Middle-Eastern country.

Late in December 2013, Italian Foreign Minister Emma Bonino in a meeting with Iranian President Hassan Rouhani stressed Iran’s key role in the region, and said her country is eager to expand cooperation with Tehran in economic, industrial, energy, tourism, science and research domains.

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