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German Exports to Iran Soar ahead of U.S. Sanctions
(Reuters) Rene Wagner and Joseph Nasr - German exports to Iran soared in October by 85% over the previous year, a month before the U.S. re-instated sanctions on the Islamic Republic to choke its oil and shipping industries, data seen by Reuters showed on Tuesday. The surge signals willingness among Germany's small to medium-sized firms to continue doing business with Iran despite the risk of being blacklisted by the U.S. for defying its sanctions. Around 1,000 German companies of this size have business ties to Iran and 130 have set up branches in the country. Chemicals made up about half the German goods; machines and plant equipment accounted for a third.