French carmaker PSA to exit Iran over US sanction risk

French automaker PSA said Monday that it would pull out of two joint ventures to sell its cars in Iran to avoid the risk of US sanctions after Washington withdrew from a key nuclear deal with Tehran. "The group has begun to suspend its joint venture activities, in order to comply with US law by August 6, 2018," the maker of Peugeot and Citroen cars said in a statement. European officials have vowed to try to shield their companies working in Iran from the reach of punishing US sanctions that are set to come into effect by November.

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