European Commission figures show that the volume of trade exchange between the two sides is limited. Total merchandise trade amounted to about 3.7 billion euros, of which 3 billion euros were European exports, while only 0.8 billion euros were imports from Iran. This continued trade surplus in favor of the European bloc means that any severing of relations will make Europe the most affected, while its trade in services also remains limited to 1.6 billion euros.
Observers believe that the European step is of a “symbolic” nature in light of the weak trade exchange, especially as Iran’s major economic partners—such as China, Russia, and India—continue to enhance trade cooperation with Tehran and reject US sanctions.
However, Iranian sources confirm that Washington’s tightening restrictions on oil exports and tracking of evasion routes have begun to put increasing pressure on the Iranian economy.
