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DZ Bank to suspend foreign transactions to Iran from July

DZ Bank AG will completely suspend its foreign payment transactions related to Iran, effective July 1, following U.S. President Donald Trump's decision to withdraw from the nuclear pact agreed with the Middle Eastern country in 2015, Reuters reported, citing the German lender's spokesman.

The decision by Trump's administration means the sanctions against Iran suspended under the deal will resume, leaving businesses that entered into contracts based on the agreement with either 90 or 180 days to cease those operations.

Meanwhile, Euler Hermes Group SA's German insurance unit Euler Hermes Kreditversicherungs-AG said its guaranteed exports program worth €200 million to Iran will stay in place for now, according to the newswire. The program has been in place since 2016 and companies can still apply guarantees, the company noted.