The Italian Danieli Steel Company, which signed a $1.8 billion contract with Iran during the nuclear agreement known as the JCPOA, announced that it has halted all its activities with Iran due to the threat of the return of U.S. sanctions. Alessandro Trovillin, the CEO of the company, stated: "With the U.S. withdrawal from the nuclear agreement, due to the threat of secondary sanctions, other banks are no longer willing to finance projects in Iran." The Finnish extraction technology company Outotec also announced that the return of U.S. sanctions is slowing down the progress of projects in Iran, but it is still too early to announce whether they will leave the project or not. The recent decision by the United States to withdraw from the JCPOA and reinstate sanctions has complicated the conditions for European companies to continue their activities in Iran, and some major European companies have announced that they are considering halting their operations in Iran in light of the re-imposition of U.S. sanctions. The European Commission announced on Friday, May 17, that it has begun the process of reviving "blocking regulations" to protect the interests of European companies in Iran against U.S. sanctions. The European Commission's statement regarding the transfer of money to the Central Bank of Iran noted that "this approach could help the Iranian government receive oil-related revenues in the event of U.S. sanctions that could target European companies engaged in oil transactions with Iran."
Danieli Steel Company of Italy: We Have Halted Economic Cooperation with Iran
The Italian Danieli Steel Company has suspended its operations in Iran due to the threat of renewed U.S. sanctions following the U.S. withdrawal from the JCPOA. This decision reflects broader concerns among European companies about the viability of doing business in Iran under the looming threat of sanctions. The European Commission is attempting to protect European interests in Iran through blocking regulations.
👥 Key Players
⚡ Actions
📰 What Happened
Danieli Steel Company halts cooperation with Iran due to U.S. sanctions threat.
- Danieli Steel Company announce Iran
- European Commission announce European companies, Iran
- Outotec announce Iran
💡 Why It Matters
📚 Background
The halt of major contracts with Iran indicates significant economic repercussions due to U.S. policy.
📝 Key Evidence
🏷️ Entities Mentioned
Translated from the original and edited for English readers. View original source →
Translation confidence: 85%