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VW to stop doing business in Iran - Bloomberg

2018-09-20 08:35
Volkswagen factory


Volkswagen has bowed to American pressure stemming from the United States rejection of the multi-party nuclear deal and will end almost all business in Iran, Bloomberg News reported on Wednesday.

The accord was reached on Tuesday after weeks of talks between the German auto giant and the administration of President Donald Trump, said Richard Grenell, the US Ambassador to Germany, according to Bloomberg.

Still an exception

VW will still be able to do some business in Iran under a humanitarian exception, Bloomberg added.

READ: VW faces first big German court date over 'dieselgate'

In May, Trump pulled the US out of the deal it reached with Iran and five other countries in 2015. That accord lifted sanctions against Tehran in exchange for restrictions on its nuclear program.

Now, the US is reimposing those sanctions.

Bloomberg said VW has scrapped plans it announced in July last year to sell cars in Iran for the first time in 17 years.

Read more on:    vw  |  bloomberg  |  donald trump  |  washington  |  industry news

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