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Volvo stops truck assembly in Iran due to U.S. sanctions: spokesman

AB Volvo
AB Volvo spokesman Fredrik Ivarsson said Monday that the Swedish truckmaker decided to halt truck assembly in Iran due to the U.S. sanctions on Iran.

Ivarsson said that the U.S. sanctions are preventing the company from being paid, Reuters reported.

“With all these sanctions and everything that the United States put (in place) ... the bank system doesn’t work in Iran. We can’t get paid ... So for now we don’t have any business (in Iran),” Ivarsson told Reuters.

The Swedish truckmaker had earlier said that Iran may become its main export hub for the markets of Gulf and North Africa.

Tensions increased between the Islamic Rebublic and the U.S. after President Donald Trump withdrew of a nuclear deal with Iran in May. Trump re-imposed sanctions on Iran in August.
Last Modified: Tuesday، 25 September 2018 04:24 AM