Renault CEO: Despite US Sanctions, We Will Stay in Iran

The CEO of the French car manufacturer Renault announced that the company will continue its presence in Iran despite the re-imposition of US sanctions. According to AFP, Carlos Ghosn stated during the annual shareholders' meeting on June 15 that they will not stop their operations in Iran, even if they have to significantly reduce them. He then predicted that 'whenever the market [in Iran] opens up again, the reality is that our remaining will have advantages for us.' Donald Trump, the President of the United States, withdrew Washington from the nuclear agreement with world powers and Iran last month, an agreement that committed Tehran to limit its nuclear program in exchange for the lifting of sanctions. The US exit from this agreement means the return of sanctions against Iran, and thus international companies cooperating with Tehran will face the risk of sanctions if they do not exit the country. So far, companies such as Boeing, French energy company Total, and Danish shipping group Maersk have announced their intention to cut ties with Iran. Even Nike has stopped supplying sports shoes for the Iranian national football team. The French company PSA, which is a competitor to Renault and produces Peugeot and Citroën cars, has decided to leave Iran. However, the CEO of Renault, which sold 160,000 vehicles to Iran last year, says he is trying to remain in the Iranian market. Carlos Ghosn emphasized that Renault has a future in Iran. He added, 'However, we will not do anything that harms Renault's interests. We are closely monitoring the situation to ensure that our presence in Iran does not provoke US officials into taking retaliatory actions directly or indirectly.' Carlos Ghosn ultimately stated that the Renault group is in direct contact with the US government to find out what it can and cannot do. Renault has not sold any cars to the US since it stopped its activities in the American market in the 1980s.