French Carmaker Suspends Business in Iran to Dodge US Sanctions

Says it wishes to comply with US law

Image Credits: Max Pixel / CC0 Public Domain.

French carmaker PSA Group (PEUP.PA) has begun to suspend its joint venture activities in Iran to avoid U.S. sanctions after Washington’s withdrawal from the international nuclear deal.

Large French companies active in Iran, including oil major Total (TOTF.PA), are struggling to obtain exemptions from the sanctions imposed by U.S. President Donald Trump’s administration.

“The group has begun to suspend its joint venture activities, to comply with U.S. law by Aug. 6,” PSA said in a statement on Monday.

Read more