Iran signed the country’s biggest-ever car deal worth several hundred million dollars with French manufacturer Groupe Renault on Monday to produce 150,000 cars a year, the latest advance by a European company into Iran’s sizeable consumer market.
The €660 million — or $778 million — deal follows the lifting of the U.N. and European Union sanctions after Iran’s 2015 nuclear agreement with world powers to curb its controversial uranium enrichment program, a possible pathway to nuclear weapons.
It also comes just days after new U.S. sanctions on Iran were signed by President Donald Trump, who spoke with French President Emmanuel Macron over the weekend about ways to counter Iran’s influence in Mideast conflicts. The U.S. legislation, first passed by Congress, imposes penalties on people involved in Iran’s ballistic missile program and anyone who does business with them.
Unimpeded by U.S. sanctions that apply to American businesses, Asian and European companies have raced for a share of Iran’s market since international sanctions were lifted. Iran,…
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