https://sputnikglobe.com/20180615/renault-us-sanctions-iran-1065446498.html
France's Renault to Stay in Iran Despite US Sanctions Against Tehran
France's Renault to Stay in Iran Despite US Sanctions Against Tehran
Sputnik International
In May, Washington announced its decision to withdraw from the Iran nuclear deal and re-impose sanctions on Tehran, a move that prompted an international... 15.06.2018, Sputnik International
2018-06-15T15:21+0000
2018-06-15T15:21+0000
2022-08-06T12:08+0000
https://cdn1.img.sputnikglobe.com/img/105632/16/1056321629_0:202:4000:2464_1920x0_80_0_0_d6dbb35a50defbe76c7b79d655dfef12.jpg
france
iran
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2018
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
business, newsfeed, france, iran, renault, us
business, newsfeed, france, iran, renault, us
France's Renault to Stay in Iran Despite US Sanctions Against Tehran
15:21 GMT 15.06.2018 (Updated: 12:08 GMT 06.08.2022) In May, Washington announced its decision to withdraw from the Iran nuclear deal and re-impose sanctions on Tehran, a move that prompted an international backlash.
France's automobile manufacturer Renault has announced that it would stay in Iran even if its revenues decrease due to the incoming US sanctions.
"We will not abandon it, even if we have to downsize very strongly," the company's CEO, Carlos Ghosn, stressed at the annual shareholders' meeting in Paris. He explained that maintaining a presence in Iran would give Renault an advantage "when the market reopens."
READ MORE: Vision of Future: Check Out Renault's Autonomous Supercar (VIDEO)
Tensions between Iran and the United States have been on the rise since May 8, when US President Donald Trump announced his decision to pull the US out of the Iran nuclear deal and hit the country with new economic sanctions in 90 days.
Renault Group is represented in Iran by Renault Pars, a French-Iranian joint venture. Iran is the third largest market for the French manufacturer after France and Brazil, with Renault's 2017 sales in Iran accounting for almost 80 percent of all cars sold by the company in the Middle East.
