Italy suffers from U.S.-led sanctions on Iran

ROME, (PNA/IRNA) -– Italy’s Sace Insurance Company in a report on negative impacts of unilateral sanctions on Iran announced that Italy’s exports has incurred over 15 billion euros in losses.

The same amount of losses that Italy has sustained after imposition of unilateral sanctions by the U.S. and the European Union against Iran on the pretext of proceeding with peaceful nuclear program has happened since 2006.

Most of Italy’s losses were related to export of industrial machinery which accounted for over half of the European country’s exports to Iran.

According to Sace, the U.S.-led sanctions on Iran resulted in a 52-percent reduction in the European Union’s exports to Iran.