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Volkswagen pulls out of Iran, according to U.S. official: Bloomberg

Posted by: Admin | Posted on: September 20th, 2018 | 0 Comments

(Reuters) – Volkswagen AG (VOWG_p.DE) will end almost of all its operations in Iran, Bloomberg reported on Wednesday, citing a U.S. official who led the discussions with the carmaker.

The Trump administration persuaded Volkswagen to comply with U.S. sanctions on Iran, Bloomberg said. (bloom.bg/2Nmr3XX)

The White House and Volkswagen were not immediately available for comment on the report.

In May, U.S. President Donald Trump pulled out of a 2015 pact between Iran and major world powers under which sanctions were lifted in return for Tehran accepting curbs on its nuclear program.

According to the Bloomberg report, U.S. Ambassador to Germany Richard Grenell led the talks with the Wolfsburg-based company.

Volkswagen will be able to conduct some business in Iran on humanitarian grounds, the report said.

Reporting by Nivedita Balu in Bengaluru; editing by Grant McCool

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/F_utEJq7e0A/volkswagen-pulls-out-of-iran-according-to-u-s-official-bloomberg-idUSKCN1M004U

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