Groupe PSA has said that it has begun the suspension of its joint venture activities in Iran following the re-imposition of sanctions on the country by the US.
Following the US withdrawal from the JCPOA announced on May 8th, 2018, the group has begun to suspend its JVs activities, in order to 'comply with US law by August 6th, 2018'. However, it also said that with the support of the French Government, the Groupe PSA is 'engaging with the US authorities to consider a waiver'.
The company also said it is monitoring the regulatory context and is in contact with the authorities of the countries concerned, in order to remain compliant with all regulations.
After signature of the JCPOA on July 14th, 2015 and the lifting of international sanctions against Iran on January 16th, 2016, Groupe PSA signed joint venture agreements with Iran Khodro on June 21th, 2016 and Saipa on October 6th, 2016. The company points out that the purpose of these JVs, which are fully compliant with UN resolutions and current US, European and French regulation, is to offer Iranian customers modern Peugeot and Citroën vehicles, designed to the highest level of safety, comfort and environmental protection.
As Groupe PSA's operations in Iran represent less than 1% of its turnover, this context does not alter the overall objectives of the Push to Pass plan, nor current financial guidance, PSA points out.