Despite sanctions Renault will continue to work with Iran

French carmaker Renault will remain committed to carrying out its business in Iran while taking measures to avoid US sanctions, CEO Carlos Ghosn said Friday.

A number of European companies are being forced to choose between access to the US market and banking system and trading with Iran. Following the withdrawal of the US from the Iran nuclear deal in May, Washington has given a 90-to-180-day deadline to stop dealing with Tehran or face stiff sanctions.

French energy giant TOTAL has already announced that it would be leaving the Islamic Republic in order to avoid the wrath of US President Donald J. Trump.

Renault’s rivals – Peugeot and Citroen – have fallen into line with Trump’s demands after the White House threatened to scuttle the two companies’ car-sharing scheme on the US market.

Ghosn, however, wants Renault to stay on the ground in Iran, while also doing business with the US, though the latter remains in question until Renault receives a response from Washington.

Renault sold 160,000 cars in Iran in 2017, while Peugeot and Citroen sold just over 400,000 via joint ventures with local auto manufacturers.

Source » neweurope

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