In a meeting with the members of Bavarian delegation including business and industry officials here on Wednesday, he noted that sanctions damaged the benefits of Iran’s European banking partners while establishment of solid banking ties was essential to trade and economic relations between the two countries.

He referred to talks with such insurance companies as Sace from Italy, Oesterreichische Kontroll Bank (OKB) from Austria and Coface from France as the successful CBI achievements after the signing of Joint Comprehensive Plan of Action (JCPOA).

He noted that talks with the German insurance company Hermes was underway and hoped for speedy results of the negotiations.

He further called on Germany to support banking transactions and noted that Iran, despite all economic hardships in the past 36 years, has never delayed re-payment of its financial commitments.

The German official said the main issue now was not the sanctions but stopping damage to German banks because of US punishments.

Stressing that removal of sanctions is a time-consuming process, he said priority at the present juncture goes to cooperation between Iran and small or medium size German banks.