France to do utmost to protect business interests in Iran

Outlets report Iran Air had ordered 80 planes from Boeing and 100 planes from Airbus.

Other manufacturers said they were reviewing the USA decision and emphasized their compliance with export controls. "The existing licenses will be revoked". The Iranian government said it will take "whatever reciprocal measures it deems expedient" if it is not fully compensated for the US withdrawal as provided for in the accord.

Boeing was expecting to make about $20 billion on the deals, and would support an estimated 100,000 jobs.

As a result of the new US sanctions, companies worldwide must stop doing business with Iran or risk USA fines or other punishment.

The U.S. withdrawal also signals the collapse of $38 billion in plane deals between Tehran and Western companies, leaving Airbus facing greater risks than its U.S. rival Boeing, according to people involved in the deals. Since the nuclear deal was signed and Iran was free to sell oil without restriction, the Islamic Republic has been able to make new sales of 700,000 barrels a day to Asia, led by China and India. Boeing chief executive Dennis Muilenburg said last month the airplane manufacturer has no Iranian deliveries scheduled this year.

For ordinary Iranians, renewed sanctions mean fewer jobs, shortages of basic goods, crippling inflation and budget cuts.

It even touted its lack of exposure to the USA market as an advantage over its German rivals, and sales in Iran helped to offset PSA's difficulties in territories such as China and the United Kingdom.


Iran said it had asked Europe's Airbus to announce whether it would go ahead with a plane deal with Teheran following the USA pullout.

He says the sanctions will also sharply curtail sales of oil by Iran, which is now the world's fifth-largest oil producer.

But Muilenburg said the production rate the company had put in place was not dependent on the Iranian orders. A Chinese oil company also has a deal to develop the country's large South Pars offshore natural gas field.

Aside from Airbus, they include French oil giant Total and the auto makers Renault and Peugeot.

France's Total, Anglo-Dutch Royal Dutch Shell and Italy's Eni were more active in Iran than US companies, which were still limited by other sanctions unrelated to Iran's nuclear program, including a trade embargo.

He told Europe-1 radio he wants to create a European body that would have the same kind of powers the US Justice Department has to punish foreign companies for their trade practices. "So my expectation is not that oil prices will go higher - to a certain extent, some of this was already in the market on oil prices".

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