The French Vehicle Equipment Industries Association (FIEV), the country's top car manufacturing lobby group, called off a long-planned trip to Iran in order to analyze the situation regarding US sanctions.
"The trip has been canceled and replaced instead by a meeting in France of our Iran club so that we can reflect upon how to proceed in light of current events," FIEV President Jacques Mauge told the press.
On Tuesday US Undersecretary of the Treasury Sigal Mandelker warned European governments and the private sector about the risks of doing business with Tehran.
"You must harden your financial networks, require your companies to do extra due diligence to keep them from being caught in Iran's deceptive web, and make clear the very significant risks of doing business with companies and persons there," she said.
The decision of FIEV also followed a statement by Peugeot and Citroen producer PSA, which claimed on Monday that it had begun "the process of suspending the activities of its JVs [joint ventures], in order to comply with US law by August 6, 2018," to stop collaboration before the US sanctions take effect.
