Iran-Deal Withdrawal: Consequences for Iran-Austrian Economics Relations

Companies ♦ Published: May 11, 2018; 13:10 ♦ (Vindobona)

About 50 Austrian companies have branches in Iran. Austrian exports to Iran rose by 9.2 percent to 301 million euros in 2017; imports increased by 18.5 percent to 119 million euros. A JCPOA supported only by the EU, Russia, China and Iran is not sufficient in the medium and long term to create the necessary investments and renewals in Iran. Without the US on board, international banks and large companies will continue to shy away from activities in Iran. Secondary sanctions will contribute to this.

Embassy of the Islamic Republic of Iran, Vienna / Picture: © Google Maps / Andre Mir (Dec. 2016)

On 14 July 2015, the P3+3 (USA, Russia, China, Germany, France, Great Britain) and Iran signed the Joint Comprehensive Plan of Action, which lifted most of the sanctions against Iran.

The US reserved the right in a separate agreement that the President of the US has to confirm Iran's compliance with its obligations every 90 days. This next confirmation would have been due on…