Siemens AG has maintained a presence in Iran since 1868, transferring turbine technology, building railway infrastructure, and supplying energy equipment. Sanctions shattered the partnership but the industrial foundation remains.
BP, Shell, and TotalEnergies made at least $2.5 billion from trading in Q1 2026 as the Iran war created the largest oil supply disruption in history. Meanwhile, Exxon and Chevron lost $7 billion in derivative losses.
Renault built a 15-year industrial partnership in Iran, only to abandon it when US sanctions returned in 2018. Chinese automakers are filling the gap — and Europe’s window is closing.
In 2011, the EU and Iran exchanged €27 billion in goods. By 2025, that figure had fallen to €3.72 billion. As China fills the vacuum, Europe’s decade-long economic retreat from Iran looks less like strategy and more like surrender.