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Daimler will almost entirely sever business ties to Iran amid growing pressure on the Islamic republic to curb its nuclear programme, chief executive Dieter Zetsche said on Wednesday.

“The policies of the current Iranian leadership have compelled us to put our business relationship with that country on a new footing,” Zetsche told the company’s annual general meeting, Reuters reported.

“In general, our business activities with Iran will now be limited to meeting our existing contractual obligations and continuing our cooperation with established customers.”

Among other concrete measures, he said Daimler would relinquish its 30% stake in Iranian Diesel Engine Manufacturing, a subsidiary of Iranian Khodro Diesel.

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By GlobalData