By John Lee.
Finnish telecom equipment maker Nokia has said it may have to reduce its business in Iran due to the reimposition of US sanctions.
In a statement to the markets, the company said:
“We continuously monitor international developments and assess the appropriateness of our presence and business in various markets.
“The US’ unilateral withdrawal from the international agreement on Iran’s nuclear activities has led to the reimposition of US sanctions while the EU and other signatories remain fully committed to the international agreement relaxing the sanctions against Iran.
“The diverging EU and US regulatory framework governing business activities in Iran will be far more complex in the future.
“As a European company it will be quite challenging to reconcile the opposing foreign policy regimes of the US and the EU.
“The changed US foreign and economic sanctions policy necessitates a reassessment of our operations in Iran which may require us to significantly reduce our business and maintain preexisting contractual commitments in full alignment with applicable economic sanctions.“