PSA Group Continues Operations in Iran

The French company PSA, which produces Peugeot and Citroën vehicles, states that despite the U.S. withdrawal from the JCPOA, it will continue its operations in Iran for now. Last week, the company also began selling a new model of its vehicles in Iran. Linda Jackson, CEO of PSA, announced in a press conference on Thursday, May 24, that the production line for another product of the company, named Citroën C3, was launched in Iran last week, and in the first hour of pre-sales for this product, 2,000 units of the vehicle were sold. Previously, the company 'Saipa Citroën', which sells Citroën products in Iran, announced on its website that the start of 'online sales for the Citroën C3' would be on the morning of Wednesday, May 16. Ms. Jackson also emphasized that the U.S. decision to withdraw from the nuclear agreement and reimpose sanctions on Iran has not 'changed the strategy' of this automotive group. Donald Trump announced the U.S. withdrawal from the nuclear agreement on May 8, emphasizing that the Islamic Republic continued to expand its ballistic missile program and 'support for terrorism' even after the JCPOA. Shortly after, the U.S. Secretary of State announced that the most severe sanctions against Iran would be imposed. Although the three European countries, France, Britain, and Germany, have expressed concern over Iran's missile activities and actions in the region, they have emphasized the preservation of the JCPOA, several major European companies have stated that they are unwilling to continue their economic cooperation with Iran for fear of U.S. sanctions against Tehran. Among them, the German company Siemens and the French company Total have said they cannot continue operations in Iran without exemptions from U.S. sanctions. The CEO of PSA also stated on Thursday that the company is approaching its future cooperation with Iran 'with caution' and is waiting for a clear decision from the European Union regarding U.S. sanctions.