Renault, French car maker company to walk out from Iran

According to Mikrofonnews Agency (MHA), French car maker company Renault has announced it may pull out from Iran due to US sanctions on the country.

Iran operations are likely to be put on hold to comply with U.S. sanctions, Renault Chief Operating Officer Thierry Bollore told analysts during a conference call about earnings Friday, according to Bloomberg.

“We are looking to new business opportunities, particularly in Africa, with strong growth to offset the missed opportunities in Iran,” he said. Many European companies have walked out from Iran since the US President Donald Trump announced reimposition of sanctions on Iran.