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VW rejects U.S. envoy report on withdrawal from Iran

German auto giant Volkswagen

Carmaker Volkswagen rejected Thursday a report that suggested it had decided against doing business in Iran after coming under pressure from the U.S. ambassador to Germany.

The German-based group said its position on the country had not changed.

Sanctions against Iran, introduced by U.S. President Donald Trump after his decision to pull the United States out of the Iran nuclear deal, have forced companies in Germany and across Europe to reconsider their investments there.

Over the past weeks, several reports announced the withdrawal of German blue chips like Siemens, BASF and now Volkswagen.

VW has no major investments in Iran, although it had been considering establishing a sales network for imported cars. Its Spanish division Seat announced last year that it had abandoned exploratory plans to enter Iran.

In May, the United States pulled out of a plan of action agreed by the Obama administration in 2015 to lift economic sanctions in return for Tehran limiting its nuclear activities and allowing international inspectors to examine its nuclear sites.

To avoid exposure to US secondary sanctions, foreign firms have been advised to use the time period to wind-down activities with or involving Iran.

Last Modified: Friday، 21 September 2018 12:36 PM
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