Germany in Talks with Iran to Buy Crude Oil - Report

By Staff, Agencies 

The chief economist for Germany's partially state-owned bank the Landesbank Baden-Württemberg [LBBW], Moritz Kraemer is reported to have said that his country is engaged in talks to buy Iranian oil.

According to the Jerusalem Post, Kraemer unveiled that “Intensive talks are already being held behind the scenes with Venezuela, Iran or Algeria to cover Germany's oil and gasoline needs.”

The comments by Kraemer were made in the context of how Germany plans to cover its energy needs in light of the country’s efforts to wean itself off Russian gas dependency.

Iran's oil exports have been affected by various sanctions for about a decade, with the former US administration even trying to reduce them to zero.