Renault SA is shaping up to be the latest European company to fall victim to Donald Trump’s renewed sanctions on Iran — even if it doesn’t sell cars in the U.S..
Iran operations are likely to be put on hold to comply with U.S. sanctions, Renault Chief Operating Officer Thierry Bollore told analysts during a conference call about earnings Friday.
“We are looking to new business opportunities, particularly in Africa, with strong growth to offset the missed opportunities in Iran,” he said.
Since debilitating sanctions were eased in 2016, Iran emerged as a hot spot for growth, and trade with Europe surged to more than $10 billion. Now that the U.S. has canceled a 2015 nuclear accord with the Islamic republic and re-imposed trade curbs, companies are rushing back out.
