Why Companies Around the World are Reversing Course on Iran Business

October 28, 2019

Publication Type: 

  • Policy Briefs

The Trump administration's maximum pressure campaign against Iran reached a milestone on November 5, 2018, with the re-imposition of powerful U.S. sanctions aimed at Iran's banking, energy, and shipping sectors – and at the governments and companies around the world still engaging with those sectors. The administration also designated an unprecedented 700 entities, including some 70 Iranian financial institutions. Speaking on November 5, Treasury Secretary Steven Mnuchin promised that this “unprecedented financial pressure on Iran […] is only going to mount from here.”

Indeed, the administration has continued to ratchet up economic pressure since last November. In April, several U.S. government agencies announced a combined settlement of $1.1 billion with British bank Standard Chartered for facilitating access to the U.S. financial system on behalf of Iranian entities, in violation of sanctions. Also in April, with the aim  of reducing Iran's oil exports "to zero,"  Secretary of State Mike Pompeo announced that the United States would  not renew sanctions waivers that had allowed some countries to continue purchases of Iranian oil.

Sanctions targeting other key sectors of Iran's economy followed. On May 8, the United States sanctioned Iran’s iron, steel, aluminum, and copper sectors, which account for Iran’s largest export revenue other than oil. In June, the Trump administration sanctioned Iran’s largest petrochemical company and its subsidiaries.

Below are key dates related to the U.S. withdrawal from the nuclear agreement with Iran, a description of the U.S. sanctions that took effect on each date, and efforts to blunt the impact of these sanctions by European parties to the agreement. Go to key dates: May 8, 2018; August 7, 2018; and November 5, 2018.

Following these entries is a table that tracks decisions by companies around the world regarding trade and investment with Iran. Go directly to the table.

Resources Related to the U.S. Withdrawal from the Joint Comprehensive Plan of Action

May 8, 2018

President Trump announced the U.S. withdrawal from the nuclear agreement, or Joint Comprehensive Plan of Action (JCPOA), with Iran. Effective immediately, U.S. nuclear sanctions on Iran were reinstated and the President warned that "any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States."

In a briefing on the same day, U.S. National Security Advisor John Bolton said that the President's announcement was effectively "reinstituting all of the nuclear-related sanctions that were waived" as part of the JPCOA, and that "any new or prospective contract" in a proscribed sector would now be "forbidden."

According to guidance published by the Treasury Department, sanctions waivers were issued during a wind-down period of 90 (August 7) or 180 days (November 5) to allow for existing contracts to be closed. In order to avoid exposure to U.S. secondary sanctions, foreign firms were "advised to use these time periods to wind-down their activities with or involving Iran that will become sanctionable at the end of the applicable wind-down period."

August 7, 2018

President Trump issued a new Executive Order on August 6 re-imposing sanctions on Iran. With the conclusion of the 90-day wind-down period, authorizations related to the import of Iranian carpets and foodstuffs and the sale of commercial aircraft to Iran were revoked.

In addition, the United States reimposed secondary sanctions related to the purchase or acquisition of U.S. dollar banknotes by the Iranian government, trade with Iran in gold or precious metals, trade or transfers to or from Iran of certain metals, significant transactions involving the Iranian rial, the purchase of Iranian debt, and support of Iran's automotive sector.

The European Union responded to the re-imposition of U.S. sanctions by updating a Blocking Statute aimed at protecting European companies doing business with Iran from the impact of U.S. sanctions. The updated Blocking Statute entered into force on August 7, 2018.

November 5, 2018

At the conclusion of the 180-day wind-down period, the United States revoke authorizations that previously permitted foreign subsidiaries of U.S. companies to engage in certain business with Iran.

The United States also reimposed secondary sanctions related to Iran’s port and shipping sector, petroleum-related purchases from Iran, transactions with Iran’s Central Bank and other Iranian financial institutions, the provision of specialized financial messaging services, the provision of insurance, and engagement or investment in Iran’s energy sector.

In a press briefing on November 2 announcing the snapback of Iran sanctions, Treasury Secretary Steven Mnuchin confirmed that Belgium-based Society for Worldwide Interbank Financial Telecommunications (SWIFT) – a messaging network used globally to send secure information about financial transactions – would be a potential target of U.S. sanctions and that Treasury had “advised SWIFT that it must disconnect any Iranian financial institution that we designate as soon as technologically feasible to avoid sanctions exposure.” In a statement on November 5, SWIFT promised to cut off from its service all sanctioned Iranian banks.

On November 5, 2018, Treasury added more than 700 individuals, entities, vessels, and aircraft to its specially designated nationals (SDN) list, freezing their assets in the United States, prohibiting their dealings with U.S. persons, and creating secondary sanctions exposure for non-U.S. persons continuing to do business with them.

The European Union created a "Special Purpose Vehicle" in an effort to support continued trade with Iran that is permitted by the JCPOA. INSTEX SAS, or the Instrument for Supporting Trade Exchanges, was registered on January 31, 2019, with France, Germany, and the United Kingdom as initial shareholders. On June 29, the EU announced that INSTEX was operational and processing its first transactions. Nevertheless, the initial line of credit was only several million euros, a small fraction of European-Iranian trade.

Iran Watch Business Tracker

Faced with the re-imposition of U.S. sanctions, and despite EU efforts to counter their impact, companies around the world have been abandoning trade and investment with Iran that they had resumed following the JCPOA. The table below relies on news media sources to track the decisions by these companies. The table, which is sortable by industry, country, and date, is updated on a rolling basis as new announcements are made.

CompanyIndustryHeadquartersDevelopmentDateSource

Airbus

Aviation

France

In response to the U.S. decision to revoke licenses for the sale of passenger aircraft to Iran, will not ship any more aircraft after August 6, 2018; only 3 of the 100 aircraft ordered by Iran have been delivered. The company has not yet decided whether to seek a new export license from the United States.

2018/07/06/

Cathy Buyck, "Airbus Sticks to 2018 Delivery Target Despite Sluggish First Half," AIN Online, July 6, 2018.

"Iran expects word from Airbus on plane deal soon," Reuters, May 11, 2018.

Air France-KLM Group AviationFrance

Will stop services to Iran in September 2018, citing “weak commercial results” in light of U.S. sanctions.

2018/08/24"Air France-KLM, BA Pull Out of Iran Amid U.S. Sanctions," Bloomberg, August 24, 2018.

Allianz

Insurance

Germany

Is identifying Iran-related business and developing wind-down plans for this business in response to possible U.S. sanctions.

2018/05/15

"Allianz making plans to wind down Iran business," Reuters, May 15, 2018.

American International Group (AIG)InsuranceUnited States

 

Winding-down business activities in Iran by Bermuda-based Validus Holding Ltd, which was acquired in July 2018; Validus Holding was providing insurance coverage to shipping companies transporting cargo to and from Iran, including crude oil and petroleum products, as well as reinsurance policies involving Iran.

 

2018/11/06

"AIG unit to exit Iran-related insurance: filing," Reuters, November 6, 2018.

ATR

Aviation

France

Delivered five turboprop aircraft to IranAir on August 5, 2018; 13 of 20 aircrafts have been delivered.

2018/08/05

"IranAir gets five more ATR regional planes before sanctions," Reuters, August 5, 2018.

ATR

Aviation

France

Has applied for new licenses from the United States to complete the delivery of turboprop aircraft to Iran; 8 of 20 aircraft have been delivered.

2018/07/04

"ATR seeks U.S. approval to deliver planes to Iran before cut-off," Reuters, July 4, 2018.

AutoneumAutomotiveSwitzerland 

Suspending activities in Iran; in December 2017, announced a licensing deal with Ayegh Khodro Toos to manufacture parts for Iran Khodro and Groupe PSA, beginning in 2019.

2018/07/02

"Autoneum withdraws from Iran" (in German), Handelszeitung, July 2, 2018.

"Factbox: Company deals at risk from U.S. sanctions on Iran," Reuters, May 18, 2018.

AXA

Insurance

France

Has suspended any new marine insurance contracts with Iran; had insured shipping and shipments for Iran following the nuclear agreement.

2018/07/13

Carolyn Cohn, Jonathan Saul, "U.S. sanctions seen barring IT platform of insurer Lloyd's for Iran trade," Reuters, July 13, 2018.

Banca Popolare di Sondrio

Banking

Italy

Is restricting or stopping business with Iran.

2018/06/25

Benoit Faucon and Sarah McFarlane, "King Dollar Tightens Noose on Iranian Economy," The Wall Street Journal, June 25, 2018.

Bank of Kunlun CoBankingChinaHas informed clients that it will stop accepting yuan-denominated Iranian payments to China beginning November 1, 2018 due to U.S. sanctions; had suspended euro-denominated payments in August; has served as the official conduit for money transfers between China and Iran and is controlled by the financial arm of the China National Petroleum Corporation (CNPC).2018/10/23"As U.S. sanctions loom, China's Bank of Kunlun to stop receiving Iran payments," Reuters, October 23, 2018.

Banque de Commerce et de Placements (BCP)

Banking

Switzerland

Stopped financing Iranian crude oil cargoes after June 30, which caused several refiners to stop purchasing Iranian crude oil.

2018/07/17

"As sanctions start to bite, Iran crude exports set to wilt," Reuters, July 17, 2018.

BASFChemicalGermany 

Will maintain a business presence in Iran, but has committed to complying with all U.S. sanctions; had aimed to invest in Iran’s oil and gas industry via its oil exploration subsidiary, Wintershall; booked about €80 million in revenue in Iran in 2017.

2018/09/18"BASF commits to complying with US sanctions on Iran," Politico, September 18, 2018.
BilfingerEngineeringGermanyWill not pursue any new business in Iran; had won a contract in 2016 to supply a process control system for one of Iran’s oil refineries.2018/08/14

"Quercus pulls plug on 500 million euro Iran solar plant as sanctions bite," Reuters, August 14, 2018. 

“Bilfinger CEO says will take time for Iran to regain investors' trust,” Reuters, December 7, 2016.

Boeing

Aviation

United States

Had an agreement to sell about $20 million worth of commercial aircraft to Iran Air and Iran Aseman Airlines, but had not included this deal in its order book. In response to the U.S. decision to revoke licenses for the sale of passenger aircraft to Iran, "will consult with the U.S. government on next steps."

2018/05/08

Michael Sheetz and Leslie Josephs, CNBC, May 8, 2018.

British AirwaysAviationUnited KingdomWill terminate flights to Tehran on September 22, 2018, citing the operation as being “currently not commercially viable.”2018/08/24"Air France-KLM, BA Pull Out of Iran Amid U.S. Sanctions," Bloomberg, August 24, 2018.
Chennai PetroleumEnergyIndia 

Will stop processing Iranian crude oil from October in order to keep its insurance coverage once U.S. sanctions go into effect; had a deal to buy up to 2 million tons of crude oil from Iran in the 2018-2019 fiscal year; a subsidiary of Indian Oil Corp (IOC) partially owned (15.4%) by Iran’s Naftiran Intertrade Co Ltd.

2018/09/20"Indian oil refiner part-owned by Iranian company cancels Iran oil imports," Reuters, September 20, 2018.

Chubb Ltd.

Insurance

United States

Has been providing insurance through non-U.S. subsidiaries to marine cargo clients transporting oil and other products to and from Iran; will ensure "full compliance" with U.S. sanctions on Iran.

2018/06/07

"American companies are paying the price for Trump's Iran policy," CNN, June 7, 2018.

CMA CGM

Shipping

France

Has decided to pull out of Iran and suspend an agreement with the Islamic Republic of Iran Shipping Lines (IRISL) that allowed for vessel space leasing, operation of joint shipping lines, and cooperation on the use of port terminals.

2018/07/07

"French Shipping Company Drops Iran Due To U.S. Sanctions Threat," RFE/RL, July 8, 2018.

 

"French shipping firm CMA CGM ends Iran ops due to U.S. sanctions threat," Reuters, July 7, 2018.

Daelim Industrial Co., LtdEnergy South KoreaCancelled a $2.08 billion contract with Iran’s Esfahan Refinery Upgrading Project after U.S. sanctions prevented the Iranian firm from securing financing.2018/06/01"South Korea's Daelim industrial says $2.08 billion order from Iran canceled," Reuters, June 1, 2018.

Daimler

Automotive

Germany

Has suspended activities in Iran "until further notice according to applicable sanctions"; had not resumed the production or sale of Mercedes cars or trucks in Iran.

2018/08/07

"Daimler abandons its Iran plans over US sanctions," CNN, August 7, 2018.

DanieliManufacturing ItalyHas stopped seeking financial coverage for orders in Iran worth $1.8 billion in response to U.S. sanctions; had signed a $5.7 billion framework commercial agreement in 2016.2018/05/17"Italy's Danieli Iranian orders blocked after U.S. decision on nuclear deal," Reuters, May 17, 2018.

Deutsche Bahn

ShippingGermany

Has said it will end its two projects in Iran by September due to “altered banking practices” resulting from the reimposition of U.S. sanctions; projects were undertaken between Deutsche Bahn subsidiary DB Engineering and Consulting jointly with Iranian rail operator Bonyad Eastern Railways and Iranian state railway RAI.

2018/08/16"German rail operator, Deutsche Telekom end Iran projects," Reuters, August 16, 2018.
Deutsche TelekomTelecommunicationsGermany

Disconnected the phone and/or internet service of Bank Melli's German branch under the assumption that the bank could no longer make payments for telecom services.

2018/11/23"US Welcomes Cutoff of German Telecom Services to Iran's Bank Melli," Voice of America, November 23, 2018.
Deutsche TelekomTelecommunicationsGermany

As of May 2018, has terminated business in Iran that was previously conducted via a subsidiary, Detecon.

2018/08/16"German rail operator, Deutsche Telekom end Iran projects," Reuters, August 16, 2018.

Dover

Energy

United States

Announced end of its business in Iran; had been selling spare parts for pumps used in Iran’s energy infrastructure under OFAC License H, which authorized foreign subsidiaries of U.S. companies to do business in Iran.

2018/06/07

"American companies are paying the price for Trump's Iran policy," CNN, June 7, 2018.

DuerrAutomotiveGermany

Has halted activities in Iran in response to U.S. sanctions; had secured two contracts in 2017.

2018/08/11"Auto supplier Duerr stops Iran business due to sanctions: Boersen-Zeitung," Reuters, August 11, 2018. 

DZ Bank

Banking

Germany

Halted financial transactions with Iran as of July 1, including foreign payment transactions.

2018/05/18

"Germany's DZ Bank to halt Iran transactions in July," Reuters, May 18, 2018.

Eni

Energy

Italy

Has said it has no plans for new projects in Iran.

2018/05/30

Nidhi Verma and Alex Lawler, "Exclusive: India's Reliance to halt oil imports from Iran: sources," Reuters, May 30, 2018.

Engie SA

Energy

France

Has engineering teams in Iran working for clients, but will end all contracts before November 4, 2018.

2018/05/18

"Engie says to end engineering contracts in Iran by November," Reuters, May 18, 2018.

Formosa PetrochemicalEnergyTaiwanLast purchased Iranian crude oil in August 2018 and has "suspended Iranian oil loading for the time being" according to a company spokesman, because of a lack of payment mechanism.2018/11/29"Taiwan's Formosa says it is unable to buy Iranian oil despite U.S. waiver," Reuters, November 29, 2018.

Gazprom

Energy

Russia

Is negotiating with the National Iranian Oil Company (NIOC) to develop the Kish, Farzad-A, and Farzad-B gas fields, and another field in South Pars.

2018/06/17

"Gazprom says ready to start major gas projects in Iran," Press TV, June 17, 2018.

General Electric (GE)

Energy

United States

Plans to end sales of oil and natural-gas equipment to Iran before November 4, 2018 in response to the return of U.S. sanctions. Has shut down the Tehran office of GE Power and has "all but abandoned" about $150 million in bids for pipelines, compressors, and subsea equipment made through foreign subsidiaries.

2018/05/31

Benoit Faucon and Thomas Gryta, "GE Pulls Back From Work in Iran," The Wall Street Journal, May 31, 2018.

Groupe PSA

Automotive

France

Has begun suspending joint venture activities with Iran Khodro and Saipa to sell cars in Iran, in order to avoid the risk of U.S. sanctions. Is engaging with U.S. authorities on a waiver to continue selling cars in Iran.

2018/06/05

"French carmaker PSA to leave Iran over risk of US sanctions," France24, June 5, 2018.

Gruppo VenturaTransportationItaly Ended a project to install railroad tracks outside of Tehran after signing a €2 million contract in 2017.2018/06/22"Italy’s Economy Was Humming Nicely. Then Came Trump.," The New York Times, June 22, 2018.

Hanwha Total Petrochemical

EnergySouth KoreaSuspended shipments of Iranian condensate in July and increased imports from Australia and the United States in an effort to replace Iranian supply before additional U.S. sanctions go into effect on November 4, 2018.2018/08/23"South Korea's Hanwha Total buys U.S., Australian condensate to replace Iran oil," Reuters, August 23, 2018.

Hapag-Lloyd

Shipping

Germany

Has stopped one of its two feeder services to Iran and will decide on the remaining feeder before the return of U.S. sanctions on November 4, 2018. Is waiting for clarification on operations that will be permitted after November 4, 2018 before making a decision on continued business with ran.

2018/06/11

"German container line Hapag-Lloyd scaling back Iran business," Reuters, June 11, 2018.

Hellenic PetroleumEnergyGreeceIs preparing to halt oil purchases in response to U.S. sanctions; imports about 20% of its supplies from Iran; separately is in the process of repaying debt to the National Iranian Oil Company.2018/05/15"Hellenic Petroleum says transactions with Iran will stick to international policy," ANA-MPA SA, May 15, 2018.

Honeywell International

Energy

United States

Has earned about $115 million in revenue from Iran through its non-U.S. subsidiaries since 2016; has not yet completed its contracts; could lose this potential revenue unless it is able to fulfill the $100 million in remaining contracts by November 4, 2018.

2018/06/05

"U.S. Companies Wind Down Iran Business After Nuclear Deal Pullout," The Wall Street Journal, June 5, 2018.

Hyundai

Automotive

South Korea

Has suspended contracts with Iran and is preparing to end cooperation with Iran’s Kerman Khodro company.

2018/06/13

"Mazda, Hyundai Leave Iranian Market, Affecting Cars and Shipping," Radio Farda, June 13, 2018.

Hyundai Engineering & ConstructionEngineeringSouth Korea

 

Canceled a $521 million deal to build a petrochemicals complex in Iran, citing the Iranian customer's difficulty in financing the project due to U.S. sanctions.

 

2018/10/29"South Korea's Hyundai E&C cancels $521 million petrochemicals deal, cites Iran financing failure," Reuters, October 29, 2018.

Hyundai Heavy Industries (HHI)

Shipping

South Korea

In December 2016, signed a $760 million contract with the Islamic Republic of Iran Shipping Lines (IRISL) to build four 14,500 20-foot equivalent unit (TEU) container ships and six 49,000-ton tankers for petrochemical products; tankers were built by its affiliate, Hyundai Mipo Dockyard; is taking a “wait-and-see approach” noting that it will be impossible to deliver the ships to Iran under U.S. sanctions.

2018/06/13

"Mazda, Hyundai Leave Iranian Market, Affecting Cars and Shipping," Radio Farda, June 13, 2018.

Idemitsu Kosan Co.

Energy

Japan

An oil refiner that may have to stop purchases of Iranian crude oil in August if Japan's government doesn't secure an exemption from U.S. sanctions.

2018/06/22

"Japan could end Iran oil loading from Oct without exemption from U.S. sanctions: PAJ," Reuters, June 22, 2018.

Indian Oil Corp.

Energy

India

India's largest oil refiner is considering whether to cut imports of Iranian crude oil following a decision by the State Bank of India to stop dealing with Iran.

2018/06/25

Benoit Faucon and Sarah McFarlane, "King Dollar Tightens Noose on Iranian Economy," The Wall Street Journal, June 25, 2018.

IndusInd

Banking

India

Provides financial facilitation for exports to Iran and has told Indian exporters to complete deals with Iran by August 6, 2018.

2018/05/29

"Indian banks ask exporters to close Iran deals due to sanctions," Reuters, May 29, 2018.

Ingenico Group SA

Energy

France

Will exit its distribution partnership in Iran before November 4, 2018; had previously predicted a profit of 16 million euros from its business in Iran.

2018/07/25

"France's Ingenico cuts core profit outlook on Iran exit, currency headwinds," Reuters, July 25, 2018.

KBC Bank

Banking

Belgium


Will limit Iran-related transactions to solely humanitarian trade beyond November 4, 2018, and is winding down transactions for goods unrelated to humanitarian trade.
 

2018/06/07

"Belgium's KBC to limit Iran transactions after U.S. sanctions move," Reuters, June 7, 2018.

Landesbank Hessen-Thüringen (Helaba)BankingGermany

Will stop payment transactions with Iran on July 31, 2018. 

2018/07/12"Helaba stops Iran payments" (in German), Handelsblatt, July 12, 2018.

Lloyd's of London

Insurance

United Kingdom

May not be able to process Iran-related business, including marine, energy, and trade credit cover, through an IT platform that is co-owned by U.S. firm DXC.

2018/07/13

Carolyn Cohn, Jonathan Saul, "U.S. sanctions seen barring IT platform of insurer Lloyd's for Iran trade," Reuters, July 13, 2018.

Lufthansa / Austrian AirlinesAviationGermanyWill continue flights to Tehran, along with its partner Austrian Airlines, "until further notice."2018/08/23"European airlines are scrapping flights to Iran," CNN, August 23, 2018.

Lukoil

Energy

Russia

Has put on hold plans to develop the Abe Timur and Mansuri oilfields in Iran, due to the threat of U.S. sanctions.

2018/05/29

"Lukoil puts Iran plans on hold due to threat of U.S. sanctions," Reuters, May 29, 2018.

Maersk Tankers AS

Shipping

Denmark

Will wind down customer agreements in Iran by November 4, 2018, in response to U.S. sanctions.

2018/05/16

"Maersk Tankers to wind down customer agreements in Iran," Reuters, May 16, 2018.

Mazda

Automotive

Japan

Has suspended contracts with Iran; Iran’s Bahman Motors, which has historically presented Mazda’s products in Iran, has been replaced with China’s Haval.

2018/06/13

"Mazda, Hyundai Leave Iranian Market, Affecting Cars and Shipping," Radio Farda, June 13, 2018.

Mediterranean Shipping Company (MSC)

Shipping

Switzerland

Will not take new bookings for Iran but will complete allowable shipments during the wind-down period ending November 4, 2018.

2018/06/11

"German container line Hapag-Lloyd scaling back Iran business," Reuters, June 11, 2018.

Mega International Commercial BankBankingTaiwanPlans to terminate its payment clearing mechanism with Iran after November 4, 2018.2018/08/13"Taiwan's Mega Int'l Commercial Bank plans to end Taiwan-Iran clearing mechanism after Nov - sources," Reuters, August 13, 2018.

Mitsubishi UFJ Financial Group Inc (MUFG)

Banking

Japan

Will stop all Iran transactions to comply with U.S. sanctions, which could force a halt to Japanese imports of Iranian crude oil; the bank handles the majority of these imports.

2018/07/17

"Japanese Banks MUFG, Mizuho to stop Iranian Transactions," Reuters, July 17, 2018.

Mizuho Financial Group Inc

Banking

Japan

Will stop all Iran transactions to comply with U.S. sanctions.

2018/07/17

"Japanese Banks MUFG, Mizuho to stop Iranian Transactions," Reuters, July 17, 2018.

MTN Group Ltd.TelecommunicationsSouth Africa

Has put on hold a $750 million plan to extend broadband connections across Iran in cooperation with state-owned broadband provider Iranian Net; had 43 million customers in Iran by the end of 2017.

2018/07/31"MTN's Iranian Plans Are Said to Hit Wall of New US Sanctions," Bloomberg, July 31, 2018.
Nayara EnergyEnergyIndiaReduced its imports of Iranian oil by 30% in October.2018/11/14"India Nayara Energy's Oct Iran oil imports down 37 pct from Sept," Reuters, November 14, 2018.
Nayara EnergyEnergy India 

Began cutting oil imports from Iran in June with the aim of halting purchases by November 2018.

2018/09/14"India's Iran oil purchases to fade ahead of U.S. sanctions," Reuters, September 14, 2018.
Novo Nordisk A/SPharmaceuticalDenmark 

 

 

Announced that its new insulin-products plant in Iran will be more difficult to operate due to limited banking options as a result of U.S. sanctions.

2018/11/07

"New Sanctions, New Hurdles for Western Firms Still Doing Business in Iran," The Wall Street Journal, November 7, 2018.

Oberbank

Banking

Austria

Has placed Iranian financing projects on hold and transactions and letters of credit to Iran are provided only for contracts signed before May 8; is advising its customers to conclude Iran-related transactions because payments will likely be impossible after November 4, 2018.

2018/06/13

"Austria's Oberbank withdraws from Iran," Reuters, June 13, 2018.

OMV

Energy

Austria

Will conclude seismic studies in Iran, but will not pursue projects further, because "U.S. sanctions are a much bigger risk," according to company CEO.

2018/06/12

Kirsti Knolle, Alexandra Schwarz-Goerlich, "OMV seeks talks with Norway to secure Gazprom deal approval," Reuters, June 12, 2018.

PergasEnergyUnited Kingdom

Signed a preliminary agreement with the National Iranian South Oil Company on behalf of a consortium of 15 oil and gas companies in May 2018 to develop the Karanj oil field, estimated to produce 655 million barrels of oil over the next decade; the consortium includes OiLSERV, Norway’s AGR, the United Kingdom’s Looby, the Philippine National Oil Company (PNOC), and Iran’s Sharif University of Technology.

2018/05/16

"Iran signs oil contract with Pergas to develop Keranj field," Reuters, May 16, 2018.

"Pergas Says Ready to Replace Companies Leaving Iran Oil Industry," Financial Tribune, June 9, 2018.
PertaminaEnergyIndonesiaFroze deal to operate Iran’s Mansouri oil field because of concerns over maintaining good relations with the United States.2018/06/26"Indonesia's Pertamina says Iran oil field deal frozen over US sanctions," Reuters, June 26, 2018.

PGNiG SA

Energy

Poland

Will suspend a gas project in Iran because of U.S. sanctions.

2018/05/18

"Poland's PGNiG plans to suspend gas project in Iran because of U.S. sanctions," Reuters, May 18, 2018.

Qatar AirwaysAviationQatarAnnounced that "flights to Iran" will not be affected by U.S. sanctions; will "continue to operate into cities we are currently operating in Iran," which include Tehran, Mashhad, and Shiraz.2018/10/08"Qatar Airways commits to Iran flights despite sanctions," AFP via Yahoo News, October 8, 2018.
QuercusEnergyUnited KingdomHas decided to halt all activities in Iran, including the construction of a 600 MW capacity solar power plant worth €500 million.2018/08/14"Quercus pulls plug on 500 million euro Iran solar plant as sanctions bite," Reuters, August 14, 2018. 
Reliance IndustriesEnergyIndiaOwner of the world's largest refining complex will halt all imports of Iranian crude oil by November in response to U.S. sanctions and after receiving an advisory from its insurers.2018/10/17"India's Reliance Industries halts Iranian oil imports," Reuters, October 17, 2018.

Reliance Industries

Energy

India

May halt oil imports from Iran by October or November and has asked the National Iranian Oil Company (NIOC) to supply oil in vessels owned by National Iranian Tanker Company (NITC).

2018/05/30

Nidhi Verma and Alex Lawler, "Exclusive: India's Reliance to halt oil imports from Iran: sources," Reuters, May 30, 2018.

Renault SA

Automotive

France

Will place Iranian operations on hold to comply with U.S. sanctions. Had previously signed an agreement with Iran's Industrial Development and Renovation Organization (IDRO) and Parto Negin Naseh Co. to boost local car production.

2018/07/27

Ania Nussbaum, "Renault Likely to Pull Out of Iran Because of U.S. Sanctions," Bloomberg, July 27, 2018.

Royal Dutch Shell PLC

Energy

Netherlands

Has halted purchases of Iranian crude oil.

2018/06/22

Annmarie Hordern and Golnar Motevalli, "Iran Doesn't Expect Oil Customers to Get Sanctions Waivers," Bloomberg, June 22, 2018.

Saga Energy AS EnergyNorwayHad signed a $2.9 billion deal with state-owned Amin Energy Developers in October 2017 to build solar power plants in Iran; has indicated that construction on the plants could be delayed.2018/08/14

"Quercus pulls plug on 500 million euro Iran solar plant as sanctions bite," Reuters, August 14, 2018.

"Norway's Saga in $2.9 billion deal to build solar power plants in Iran," Reuters, October 17, 2017.

Saras SpA

Energy

Italy

May stop purchases of Iranian oil because of the difficulty of findings banks to finance the trade.

2018/06/25

Benoit Faucon and Sarah McFarlane, "King Dollar Tightens Noose on Iranian Economy," The Wall Street Journal, June 25, 2018.

Scania ABAutomotive Sweden Cancelled all orders that could not be delivered by mid-August 2018 and is attempting to collect remaining payments during a wind-down period ahead of November 4, 2018; had been selling 5,000-6,000 vehicles in Iran annually since 2016 and is working on a contingency plan for the ongoing delivery of spare parts.2018/08/03"Scania says U.S. sanctions put entire Iran truck sales in 'jeopardy'," Reuters, August 3, 2018.

Scor SE

Insurance

France

Will not seek renew existing contracts in Iran or seek new business.

2018/07/13

"U.S. rejects French request for Iran exemptions as reinsurer Scor pulls out," Reuters, July 13, 2018.

Serica EnergyEnergyUnited Kingdom

Has met the U.S. license requirements necessary for the continued operation of the UK’s Rhum gas field, which is 50% owned by National Iranian Oil Company (NIOC) subsidiary IOC; revenue owed to IOC will be held in escrow as long as U.S. sanctions are in place; will own 50% of Rhum following its acquisition from current Rhum operator British Petroleum.

2018/11/05

"Final condition met for continued operation of UK's Rhum gas field, 50%-owned by Iran's NIOC," S&P Global Platts, November 5, 2018. 

Shipping Corp of India (SCI)ShippingIndiaHalted voyages to Iran in August due to U.S. sanctions.2018/09/03"Exclusive: India allows state refiners to use Iran tankers, insurance for oil imports," Reuters, September 3, 2018.

Siemens

Energy

Germany

Will not do any new business in Iran in light of U.S. sanctions; the delivery of three gas turbines to Iran is pending.

2018/05/14

Alanna Petroff, "Siemens CEO: We can't do new deals with Iran," CNN, May 14, 2018.

SinopecEnergyChina

In September, reduced its loadings of crude oil by half to about 130,000 barrels per day in response to U.S. sanctions.

2018/09/28"China's Sinopec halves Iran oil loadings under U.S. pressure," Reuters, September 28, 2018.
SinopecEnergyChina

Pursuing a $1.06 billion upgrade project at an Iranian refinery in Abadan as part of a $2.7 billion contract with the National Iranian Oil Refinery and Distribution Company (NIORDC).

2018/09/20"Sinopec persists with Iran refinery upgrade," Argus Media, September 20, 2018.
SK Engineering and ConstructionEngineeringSouth Korea

Halted work on a $1.88 billion contract to upgrade an oil refinery in Tabriz.

2018/09/20

"Sinopec persists with Iran refinery upgrade," Argus Media, September 20, 2018.

SMS GroupManufacturingGermany Had signed a $400 million deal in February 2017 to expand the capacity of an Iranian steel plant; suspended plans for the plant and is winding down business in Iran.2018/05/24"Germany's Mittelstand seek ways to keep doing business with Iran," Reuters, May 24, 2018.
Stadler Rail RailSwitzerland Halted plans to build an underground railway system in Tehran; had signed a letter of intent with Iran’s Industrial Development and Renovation Organization (IDRO) in February 2018 to deliver 960 subway cars, in a deal worth $1.4 billion.2018/08/08"Factbox: European companies respond to latest Iran sanctions," Reuters, August 8, 2018.
SWIFTFinancial ServicesBelgium

 

Said that it will suspend “certain Iranian banks” from its financial messaging system, in a step it called “regrettable” but necessary “in the interest of the stability and integrity of the wider global financial system.”

2018/11/05"Swift to comply with US sanctions on Iran in blow to EU," Financial Times, November 5, 2018. 

Sumitomo Mitsui Banking Corp (SMBC)

Banking

Japan

Is considering its response in order to comply with U.S. sanctions.

2018/07/17

"Japanese Banks MUFG, Mizuho to stop Iranian Transactions," Reuters, July 17, 2018.

Torm AS

Shipping

Denmark

Has stopped taking new orders in Iran.

2018/05/15

"Denmark's Torm says stops taking orders in Iran due to U.S. sanctions," Reuters, May 15, 2018.

Total SA

Energy

France

Has halted work on an Iranian natural-gas project and will not continue the project if it is not granted a waiver by the U.S. government.

2018/05/16

Benoit Faucon, "European Firms Start Pulling Back From Iran," The Wall Street Journal, May 16, 2018.

TuprasEnergyTurkeyIs seeking a waiver from the United States that would allow it to continue importing 3-4 cargoes of Iranian oil each month after U.S. sanctions go into effect in early November.2018/10/18"Turkey's Tupras in talks with U.S. for Iran sanctions waiver," Reuters, October 18, 2018.
TuprasEnergyTurkeyHas scaled back purchases of Iranian crude oil since the United States announced it would re-impose sanctions on Iran. 2018/07/20"Turkey's Tupras reduces Iranian crude purchases as U.S. sanctions loom," Reuters, July 20, 2018.

UCO

Banking

India

Provides financial facilitation for exports to Iran and has told Indian exporters to complete deals with Iran by August 6, 2018.

2018/06/29

"Indian banks ask exporters to close Iran deals due to sanctions," Reuters, May 29, 2018.

Valius Holdings

Insurance

United States

Has provided coverage for ship cargo - including crude oil and refined petroleum products - to and from Iran through non-U.S. subsidiaries, which will no longer be licensable activity after November 4, 2018.

2018/06/05

"U.S. Companies Wind Down Iran Business After Nuclear Deal Pullout," The Wall Street Journal, June 5, 2018.

VolvoAutomotiveSweden

Has stopped assembling trucks in Iran because U.S. sanctions do not allow the company to be paid for any of the parts it ships; was working with Iran’s Saipa Diesel; had previously aimed to make Iran its export hub for the Gulf and North African markets.

2018/09/24"Volvo halts Iran truck assembly due to U.S. sanctions," Reuters, September 24, 2018.

Wintershall AG

Energy

Germany

May not be able to find funding for Iranian oil projects because of its parent company, BASF AG, a chemical company with major operations in the United States.

2018/05/16

Benoit Faucon, "European Firms Start Pulling Back From Iran," The Wall Street Journal, May 16, 2018.

Wormser

Banking

France

May stop Iran trades because of concerns about accessing U.S. dollars.

2018/06/25

Benoit Faucon and Sarah McFarlane, "King Dollar Tightens Noose on Iranian Economy," The Wall Street Journal, June 25, 2018.

Nokia

Telecommunications

Finland

Will not take on any new business in Iran in 2019 due to conflicting U.S. and EU trade policies.

2019/03/21

"Nokia says it is not taking on new business in Iran," Reuters, March 21, 2019.

PGNiG SA

Energy

Poland

Ceased activities in Iran's Soumar field at the end of October 2018 due to the risks associated with U.S. sanctions on Iran's energy sector.

2019/01/18

"PGNiG: activity in Iran ended in October 2018," Press Release, January 18, 2019.

PKN Orlen SA

Energy

Poland

Decided in November 2018 not to buy crude oil from Iran.

2019/01/29

Ladane Nasseri and Marek Strzelecki, "Trump’s Back Door to Building Anti-Iran Front Inflames EU Divide," Bloomberg, January 29, 2019.

Renault SA

Automotive

France

May resume manufacturing in Iran despite U.S. sanctions, using a new "mechanism" announced by an Iranian government minister.

2019/03/15

"Tehran Says Renault Will Resume Operations In Iran," Radio Farda, March 15, 2019.

Munich Re

Insurance

Germany

Had entered into an agreement to cover Mellat Insurance Company's life insurance portfolio; has since sworn of business with Iran in response to U.S. sanctions.

2018/11/05

Nick Wadhams, Golnar Motevalli, and Ladane Nasseri, "U.S. Raises Pressure on Iran With Return of Oil Sanctions," Bloomberg, November 5, 2018.

Steven Evans, "Munich Re reinsures life portfolio for Iranian insurer Mellat," Reinsurance News, May 1, 2018.

Rosneft

Energy

Russia

Canceled plans to invest in joint projects with the National Iranian Oil Company worth up to $30 billion.

2018/12/13

"Rosneft Pulls Out of $30 Bln Iran Oil Project Over Fears of U.S. Sanctions, Media Reports," Moscow Times, December 13, 2018.

Nike

Apparel

United States

Suspended the supply of footwear to Iran’s national soccer team, saying that because of U.S. sanctions "Nike cannot supply shoes to players in the Iranian national team at this time."

2018/06/11

"Nike withdraws Iran World Cup squad's supply of boots due to sanctions," ESPN, June 11, 2018.

Bank of Kunlun Co.

Banking

China

Has informed clients that it will only process payments that comply with U.S. sanctions against Iran.

2018/10/23

"Exclusive: As U.S. Sanctions Loom, China's Bank of Kunlun to Stop Receiving Iran Payments," Reuters, October 23, 2018.

Lufthansa / Austrian Airlines

Aviation

Germany

Has stopped flying over parts of Iran, including the Strait of Hormuz, but continues flights to Tehran.

2019/06/21

"Lufthansa Says it has Stopped Flying Over Parts of Iran," Reuters, June 21, 2019.

Serica Energy

Energy

United Kingdom

Seeking renewal of a U.S. sanctions waiver set to expire in October that would allow the continued operation of the UK’s Rhum gas field.

2019/04/17

"UK's Serica to seek new Iran sanctions waiver for Rhum ahead of Oct expiry," S&P Global, April 17, 2019.

Krempel

Manufacturing

Germany

Has stopped all trade with Iran; previously sold electronic press boards to Iranian companies that were used to produce rockets.

2018/12/27

" German Company Linked With Iran's Rockets Stops Business With Tehran," The Jerusalem Post, December 27, 2018.

Volkswagen

Automotive

Germany

Company officials rejected a report quoting U.S. Ambassador to Germany Richard Grenell that it was pulling out of Iran, saying that its policies have not changed; has little investment in Iran, however, and has not followed through on plans to sell cars there.

2018/09/18

"VW Rejects Trump Envoy's Take on Iran Pullout," Reuters, September 18, 2018.

Commerzbank

Banking

Germany

Stated that it has no business relationship with customers in Iran; was fined €1.45 billion by the United States in 2015 for its Iranian operations.

2018/09/21

"German Firms Lead Exodus out of Iran," Deutsche Welle, September 21, 2019.

Deutsche Bank

Banking

Germany

Spokesperson said that Deutsche Bank has “no interest in Iran transactions;” was fined €258 million by the United States in 2015 for its Iranian operations.

2018/09/21

"German Firms Lead Exodus out of Iran," Deutsche Welle, September 21, 2019.

Herrenknecht

Engineering

Germany

Has ended efforts to secure a €20 million contract in Iran because of U.S. sanctions; its tunneling machines were previously used to build Tehran’s metro system.

2018/08/09

"Tunnel Builder Herrenknecht Waived Iran Business," Handelsblatt, August 9, 2018.

Dürr

Engineering

Germany

Has halted all activities in Iran, according to CFO.

2018/08/12

"More and More Companies are Closing Down Their Iran Businesses," Frankfurter Allgemeine Zeitung, August 12, 2018.

China National Petroleum Corporation (CNPC)

Energy

China

Pulled out of a $5 billion project to develop Iran's South Pars gas field due to sanctions-related payment issues.

2019/10/06

Benoit Faucon, "China Pulls Out of Giant Iranian Gas Project," The Wall Street Journal, October 6, 2019.

Danske Bank

Banking

Denmark

Decided to phase out all activities to and from Iran because of reputational and operational risks; suspended relations that had allowed it to support its customers doing business in Iran.

2018/05/14

"Factbox: Corporate exposure, reactions to new Iran sanctions," Reuters, May 14, 2018.

Air Liquide

Energy

France

Announced it would "cease all commercial activity" in Iran, although the company has "no investments" there, according to a spokesperson.

2018/09/05

"French firms big losers in Trump's new Iranian sanctions game," The Local France, August 5, 2018.

State Bank of India (SBI)

Banking

India

India's largest bank announced that it would stop handling payments for Iranian oil beginning in November 2018.

2018/06/15

Nidhi Verma, "India's top bank to stop handling Iran oil payments, imports may be hit," Reuters, June 15, 2018.

Industrial Bank of Korea (IBK)

Banking

South Korea

Stopped purchasing usance letters of credit guaranteeing transactions with Iran by local companies.

2018/06/18

"Woori Bank and IBK partially suspend financial transactions with Iran," Pulse News Korea, June 18, 2018.

Woori Bank

Banking

South Korea

Stopped purchasing usance letters of credit guaranteeing transactions with Iran by local companies.

2018/06/18

"Woori Bank and IBK partially suspend financial transactions with Iran," Pulse News Korea, June 18, 2018.

Cepsa

Energy

Spain

Said that an October 2018 oil shipment from Iran would be its last.

2018/10/04

Michael Peel, David Sheppard, and David Keohane, "Oil industry snubs EU effort to defy Trump sanctions on Iran," Financial Times, October 4, 2018.

Atlas Copco

Manufacturing

Sweden

Suspended all business with Iran and will not take any more orders from an Iran-based distributor.

2018/08/07

"Trump Effect – Nacka giant breaks with Iran," Mitti (Sweden), August 7, 2018.

Procter & Gamble

Consumer Goods

United States

Discontinuing operations in Iran, including the provision of consumer products through distributors.

2018/06/04

Barrett J. Brunsman, "P&G ending operations in Iran because of Trump decision," Cincinnati Business Courier, June 4, 2018.

BayWa

Agriculture

Germany

Stopped grain exports to Iran as a precautionary measure in response to U.S. sanctions.

2018/08/09

"BayWa feels the consequences of Trump's trade policy," Oberbayerisches Volksblatt (Germany), August 8, 2018.

LITASCO

Energy

Switzerland

Swiss subsidiary of Russia's Lukoil pulled out of a 300 million euro oil export prefinance deal with Iran in response to U.S. sanctions.

2018/06/29

Julia Payne, Dmitry Zhdannikov, and Amanda Cooper, "Spooked by Trump, Europe's Iranian oil purchases set to plummet," Reuters, June 29, 2018.

Outotec

Engineering

Finland

Announced intention to complete all projects in Iran and end business there by November 2018, in response to U.S. sanctions.

2018/09/24

"Mining tech firm Outotec to pull out of Iran –spokeswoman," Reuters, September 24, 2018.

Serica Energy

Energy

United Kingdom

Received a two-year U.S. sanctions waiver in October 2019 to develop the Rhum gas field in the North Sea, which is 50% owned by the National Iranian Oil Company (NIOC).

2019/10/24

"U.S. grants two-year waiver to North Sea field partly owned by Iran" Reuters, October 24, 2019.