"We have suspended our activities in Iran which were anyway very limited, until further notice according to applicable sanctions… We will continue to closely monitor the political developments, especially in connection with the future of the nuclear agreement," the statement said.
The company added that the Iranian economy and the country's automobile market were developing much weaker than expected and Daimler AG had not managed to resume the sale of Mercedes-Benz cars and trucks in Iran.
READ MORE: Trump: Anyone Doing Business With Iran Won't Be Doing It With US
In response to Washington's reimposition of anti-Iranian sanctions, the European Union activated earlier on Tuesday its Blocking Statute, protecting the European companies from the application of sanctions by a third country, in order to exempt the EU firms from complying with the US sanctions against Iran.
In May, US President Donald Trump announced that his country would exit the 2015 JCPOA, which stipulated the gradual lifting of the anti-Iran sanctions in exchange for Tehran maintaining the peaceful nature of its nuclear program. In addition, Trump decided to reinstate the previously lifted sanctions on Iran. The unilateral move has been opposed by other signatories to the agreement, which pledged commitment to the deal.