Volvo Halts Iran Truck Assembly Due To Us Sanctions

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STOCKHOLM – Swedish truckmaker AB Volvo (VOLVb.ST) has stopped assembling trucks in Iran because U.S. sanctions are preventing it from being paid, a spokesman for the company said on Monday.

The sanctions against Iran, reimposed on Aug. 6 by U.S. President Donald Trump after his decision to pull out of a nuclear deal with Tehran, have forced companies in Germany and across Europe to reconsider their investments there.

Volvo spokesman Fredrik Ivarsson said the trucks group could no longer get paid for any parts it shipped and had therefore decided not to operate in Iran in another blow to the country’s car industry, which unlike the energy and banking sectors, had managed to sign contracts with top European firms.




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