French Foreign Ministry said today the French businesses operating in Iran have all stopped their operations in the country ahead of the EU sanctions that will go into full effect on 1 July.
The automotive news site just-auto also reported that PSA Peugeot Citroen has suspended its operations in Iran. The French auto manufacturer is the second largest European automaker and had extensive business dealings with Iran’s largest automaker Iran Khodro (IKCO). Peugeot supplied components to IKCO for its bestselling brand Samand that is built on 405 platform. The company also assembles popular 205 and 405 models inside Iran.