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EghtesadOnline: German automotive supplier Duerr has halted its activities in Iran, which has been hit by the reintroduction of US sanctions this week, including threats to blacklist any company trading with the Islamic Republic.

“Business in Iran has grown over the past year. Now we have stopped our activities for the time being,” Duerr Chief Financial Officer Carlo Crosetto told Boersen-Zeitung in an interview published on Saturday.

“We’ve won two larger contracts in 2017. This is not overly important, but it’s not small either. This was also an opportunity in terms of margins that we’re now losing,” Crosetto said, without providing further details, Reuters reported.

China and Germany on Wednesday defended their business ties with Iran in the face of US President Donald Trump’s warning that any companies trading with the country would be barred from the United States. Several European companies have suspended plans to invest in Iran, including oil major Total as well as carmakers PSA and Daimler, according to Financial Tribune.

 

US sanctions Iran business Duerr automotive supplier