Up to seven thousand German firms eye trade with Iran

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Some source also reported that new cruise missile has a range of over 1,350 kilometers and will be used against fixed ground targets. According to Iranian Defense Minister Brigadier General Amir Hatami, who spoke at the ceremony, "The range of Hoveizeh missile is over 840 miles and it is good for targeting ground targets".

Western experts say Iran often exaggerates its weapons capabilities, although there are concerns about its long-range ballistic missiles.

Iran has missile capability of up to 2,000 kilometers (1,250 miles), far enough to reach Israel and US military bases in the region. It quoted Hatami as saying the missile had successfully hit targets at a distance of 1200km.

The launch was broadcast on state television in a 37-second clip which showed the missile from different angles.

The ultra-conservative Iranian Revolutionary Guard threatened to take a strategic leap with its ballistic missile range should European countries insist on curbing the cleric-led country's missile program.

The resolution, which enshrined Iran's nuclear deal, called upon Tehran to refrain for up to eight years from work on ballistic missiles created to deliver nuclear weapons.

They are also considering whether to push for sanctions on Iran's ballistic missile program if talks between the two sides on the issue do not progress. Washington asserts that some of the tests and weapons, including the satellite vehicle, are in violation of a United Nations Security Council resolution that enshrined the Iran nuclear deal.

The launch followed Washington's warning to Iran about three rocket launches it had in the works, which the United States insisted would violate a UN Security Council resolution.

Tehran should refrain in particular from any work on missiles created to be capable of delivering a nuclear weapon, the European Union said.

Iran's nuclear chief Ali Salehi during an interview with Reuters in Brussels, Belgium Nov. 27, 2018.

The SPV will operate as a clearinghouse via mirror-image financial transactions, essentially facilitating barter trade, such as the exchange of Iranian oil for medicine or food exports from Europe. The EU this month imposed its first sanctions on Iran since the nuclear pact, in response to assassination plots on European soil. Unlike many other news organizations, we have not put up a paywall.

Washington withdrew from the accord in May and reimposed sanctions against Iran, citing the missile programme among its reasons. The Islamic Republic develops its missile technology according to a "defensive strategy" which changes according to need, he said.