Germany suspends ECA guarantees for business with Iran amid protests

(Big News Network, Berlin, 29 December 2022) Germany announced that it is formally suspending export credits and investment guarantees for business in Iran, after the brutal crackdown on protests by authorities in Tehran. The instruments suspended are export credit guarantees, which protect German companies from losses due to unpaid exports, as well as investment guarantees, which aim to protect direct investments by German companies from political risk. These instruments for projects in Iran were suspended for decades until there was a "short phase of opening" from 2016, as a result of Iran's agreement with world powers, including Germany, on its nuclear program, the ministry said.