Renault Will Not Leave Iran in Face of More US Sanctions

Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, said the French carmaker would not “leave Iran” even if Washington re-imposed new sanctions against Tehran.

“Obviously if it becomes impossible to deal with Iran we will put a plan together for the suspension of our business there, but that’s not at all to say that we will leave Iran,” Ghosn said on Friday, according to AP.

Noting that Iran’s market has major potential, he said, “If we can’t work there immediately, then we will work there in 1 year, 2 years, 3 years because I don’t think that this is a situation that can last forever.”

Back in August, the French automaker and Iran signed a 660-million-euro contract. Based on the three-way contract involving Renault, the Industrial Development and Renovation Organization of Iran (IDRO), and Partov Negin Naseh holding company, the French automaker agreed to produce new car models in Iran and establish customer service centers and auto part retail shops in the country.

The French major had to suspend its Iran business in 2013 after stricter sanctions were imposed that specifically included tough restrictions on banking transactions with the country.

French automakers were the first to seize the investment opportunities in Iran after the Joint Comprehensive Plan of Action (JCPOA), a nuclear agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) that took effect in January 2016.

(Source: Tasnim, under Creative Commons licence)

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