BERLIN (Sputnik) — Iran's decision to pay off 500 million euros ($569 million) debt to Germany’s Hermes company will revive economic relations between the countries, German Vice Chancellor Sigmar Gabriel said Monday.
Earlier in the day, Iranian media reported that country had settled the debt to Hermes insurance company, which protects Germany's companies if foreign debtors fail to pay.
Gabriel noted that he welcomes the Iran's decision as "it is another important step to revive our economic relations."
Before, Iranian companies and banks experienced difficulties with transferring money because of the sanctions, imposed against the country.
In July 2015, the P5+1 countries of China, the United Kingdom, France, Russia, the United States, and Germany reached an agreement with Iran guaranteeing its compliance to a peaceful nuclear program in exchange for sanctions relief.
