Duerr halts Iran business over sanctions, report says

August 13, 2018 09:46 CET

FRANKFURT — German supplier Duerr has halted its activities in Iran after the reintroduction of U.S. sanctions this week that include threats to blacklist any companies trading with the Islamic republic, Germany’s Boersen-Zeitung reported.

“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 was quoted as saying in an interview published on Saturday by the paper.

“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.

China and Germany on Wednesday defended their business ties with Iran in the face of President Donald Trump’s warning that any companies trading with the country would be barred from the U.S.

Several European companies have suspended plans to invest in Iran, including oil major Total as well as automakers PSA Group, Renault and Daimler.

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