Iran: Sanctions could cost Germany 2bn euros

According to Germany's Der Spiegel magazine, adopting tougher sanctions against Iran could cost the German budget 2 bln euros.

Der Spiegel reported that if Iranian Bank Melli, which handles most of Germany's trade with Iran, were placed on a European Union embargo list, it would cost the budget 700-800 mln euros ($1-1.2 bln) next year because the government would be forced to pay damages to German firms.

The magazine cites Finance ministry experts as stating that over the medium-term, tougher sanctions could cost the country 2 bln euros