• 25 August 2018 - 12:59
  • News Code: 90338

German engineering conglomerate Siemens has announced it's drastically scaling back its business operations in Iran.

According to DW, German industrial manufacturing giant Siemens said it was scaling back its Iran business after the reimposition of economic sanctions by the United States.

The Munich-based company explained it would take appropriate steps "to bring business activities in Iran in line with the changing multilateral situation."

Siemens said it would continue to ensure compliance with all export restrictions and regulations "including US secondary sanctions."

US President Donald Trump had slapped fresh punitive measures on Iran in early August after pulling out of the nuclear deal negotiated under his predecessor, Barack Obama. Trump accuses Tehran of financing terrorism.

The US Embassy in Germany welcomed the news in a post on Twitter, pointing out that Siemens was not only German company to leave Iran.


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