French auto giant PSA – the makers of Peugeot and Citroen – announced on Monday that it will stop operations in Iran to avoid US sanctions.
PSA had a major stake in the Iranian market through joint ventures with local manufacturers Khodro and Saipa, selling just under 450,000 cars, or approximately 1%, of its global sales. The move indicates that while EU member states are willing to remain committed to the nuclear deal with Iran, the introduction of US sanctions means that Brussels cannot shie...


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