French PSA Peugeot Citroën will no longer sell in Iran

PSA-Peugeot-Citroen_Breaks_Deals_with_Iran.jpegCarlos Tavares, chairman of the managing board of French carmaker PSA Peugeot Citroen announced  Monday that French automaker PSA will be out of the two joint ventures to sell its cars in Iran.
European officials have vowed to try to shield their companies working in Iran from the reach of punishing US sanctions that are set to come into effect by November, this latest on the dead deals list was reported by RFI. US President Donald Trump inclination to spare EU companies puts them up for hard decisions rather than at risk of huge fines.
 
Europe’s second-biggest carmaker, signed deals with two Iranian automakers, Iran Khodro and Saipa, in 2016 after sanctions were lifted following the landmark 2015 accord. It was among several companies which rushed into Iran, hoping to meet pent-up demand in a country that had been squeezed by sanctions for years.

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