icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

French carmaker Groupe PSA begins suspending joint ventures in Iran

Groupe PSA has begun to suspend its joint venture activities in Iran, the French carmaker said on Monday, following the withdrawal of the US from a nuclear pact signed with the country, Reuters reports. European signatories are scrambling to save the accord, by protecting trade with Iran against the re-imposition of US sanctions to dissuade Tehran from quitting the deal. “The group has begun to suspend its joint venture activities, in order to comply with US law by August 6,” PSA said in a statement. “With the support of the French government, the Groupe PSA is engaging with the US authorities to consider a waiver.” The suspensions do not alter PSA’s current financial guidance, the group said, adding that its Iranian activities accounted for less than 1 percent of revenue.