Most French companies will find it impossible to continue doing business in Iran after US imposes its new sanctions to the country, said Finance Minister Bruno Le Maire on Tuesday. These companies “won’t be able to stay because they need to be paid for the products they deliver to or build in Iran, and they […]
Most French companies will find it impossible to continue doing business in Iran after US imposes its new sanctions to the country, said Finance Minister Bruno Le Maire on Tuesday.
These companies “won’t be able to stay because they need to be paid for the products they deliver to or build in Iran, and they cannot be paid because there is no sovereign and autonomous European financial institution” capable of shielding them, Le Maire told BFM television, Dailymail reported.
“Our priority is to build independent, sovereign European financial institutions which would allow financing channels between French, Italian, German, Spanish and any other countries on the planet,” he added.
“It’s up to us Europeans to choose freely and with sovereign power who we want to do business with,” he said, highlighting, “the United States should not be the planet’s economic policeman.”
US President Donald Trump pull out of Joint Comprehensive Plan of Actions (JCPOA) in May and announced that he will re-impose tough economic sanction on Iran.
French oil group Total and carmaker PSA have already indicated they are unlikely to stay in the country, while carmaker Renault has said it will remain despite the sanctions – though it does not sell its cars in the US.
