Toyota has bowed to international pressure and suspended exports to Iran indefinitely because of the country’s nuclear development programme.
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The company said that it halted shipments in June amid fears that continued car sales to Iran could hurt its business in the US.
Analysts suggest that others could follow Toyota’s lead and rethink their business dealings with Iran.
Toyota ships vehicles including the Land Cruiser to Iran via its trading arm Toyota Tsusho. Sales to the country totaled 3,500 units in 2007, 4,000 units in 2008, 250 units in 2009 and 220 units in the first five months of this year.
“Our company will continue to closely monitor the international situation,” Toyota said in a statement without elaborating.
In June, the UN Security Council adopted a resolution to increase sanctions against Iran, including extensive asset freezes and travel bans for individuals and entities involved in nuclear and missile projects. In July, both Washington and Brussels added further sanctions.
Any business breaching the sanctions faces restricted access to the American market.
