German automaker Daimler says it is halting its business activities in Iran after the United States re-imposed sanctions on Tehran.
“We have suspended our already limited activities in Iran in accordance with the applicable sanctions,” a spokeswoman says in a statement sent to AFP, adding that Daimler is closely monitoring political developments.
The move brings a sudden end to Daimler’s expansion plans in Iran, where it was teaming up with two local firms to assemble Mercedes-Benz trucks.
It comes as a first round of renewed US sanctions on Iran come into effect today after the US pulled out of the Iran nuclear deal.
The first sanctions targets access to US banknotes and key industries such as cars and carpets.
A second tranche coming into effect on November 5 is expected to be even more damaging, covering Iran’s vital oil sector.
— AFP
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From the Liveblog of
Tuesday, August 7, 2018
