U.S.-Iran sanctions will hit Europe

The economic impact of U.S. President Trump’s move to quit the Iran nuclear deal and reimpose sanctions on Tehran will hit EU companies that have done business with Iran since the 2015 accord was signed

Iran crude oil exports (millions of barrels per day)

Jan 2012: U.S. imposes sanctions on Iran
2013: U.S. and Iranian officials hold secret talks on nuclear deal
May 2018: U.S. withdraws from nuclear agreement – sanctions reinstated

3.0 
2.5
2.0
1.5
1.0
0.5
0.0
    2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

2.566
2.276
2.245
2.147 
2.326
1.449
1.131 
1.085
2.251
Jul 2012: EU bans oil imports


2015: Iran plus U.S., Britain, China, France, Germany and Russia agree nuclear deal in return for significant easing of sanctions

Sanctions

Iran’s top five trading partners ($billions, 2017)
Exports to Iran      Imports from Iran
China      18.4    18.6      37.0
EU         10.8    10.1      20.9
India       4.2     9.8      14.0
UAE         7.9     5.0      12.9
South Korea 4.1     7.9      12.0


Trade at risk: Total’s $5bn deal to develop South Pars gas field, Saga Energy’s $3bn agreement to build solar power plants, $25bn Airbus deal to supply jets to IranAir



Sources: International Monetary Fund, European Commission © GRAPHIC NEWS