PSA Group suspends all its activities in Iran

Manufacturing group PSA has suspended its activities in Iran amid risks of US sanctions after Washington pulled out from a nuclear deal with Teheran, it said in a recent statement. “The group has begun to suspend its joint ventures’ activities, in order to comply with US law by Aug 6,” PSA said. With the support of the French government, PSA is engaging with the US authorities to consider a waiver. PSA had signed joint venture agreements with Iranian automakers Khodro and Saipa two years ago following the lifting of international sanctions against Iran in early 2016.