European businesses most affected by US sanctions on Iran
WASHINGTON (AP) — Major companies, particularly in Europe, could see billions of dollars in commercial deals canceled because of the U.S. decision to reinstall sanctions on Iran, though the ultimate impact remains unclear due to the possibility of renegotiations and exemptions, experts say.
President Donald Trump’s decision to withdraw from the Iran nuclear deal and re-impose sanctions means companies worldwide must stop doing business with the country or run afoul of the U.S. government, which can impose fines or other punishment.
Companies and countries with commercial deals with Iran would have either 90 or 180 days to wind down those activities, depending on the sector and type of products sanctioned. And firms would not be able to generate new business.