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.