Code: 813891 A

A member of Iran-France Chamber of Commerce Mohammad Reza Najafi-Manesh said "Nothing happens in the trade between Iran and France and we are affected by U.S sanctions.

Speaking to ILNA news agency correspondent, a member of TCCIMA's board of directors referred to France's $ 15 billion credit line and investment of French companies in Iran and added that after the JCPOA (Iran nuclear deal), many French companies came to Iran and began investing directly, most notably Peugeot and Renault.

France has proposed offering Iran about $15 billion in credit lines until year-end if Tehran comes fully back into compliance with its 2015 nuclear deal.

French Foreign Minister Jean-Yves le Drian said talks on the credit arrangement, which would be guaranteed by Iranian oil revenues, were continuing, but U.S. approval would be crucial.

"Even Renault had offered a $ 1 billion investment plan, but US sanctions forced them to leave Iran but these companies will return to Iran as soon as the conditions are met," he said.

"Even Renault still maintains its office in Tehran."

Referring to Iran’s minister of industries Reza Rahmani remarks about French car giants Renault and Peugeot will never be allowed to return to the Iranian market, he said "I don't think they should be treated so harshly, and I believe that Mr. Rahmani does not agree with this approach."

PSA Peugeot said in June last year that it would suspend its joint venture activities in Iran to avoid imminent sanctions by the United States. Renault, whose market activity in Iran was outpacing that of long-established Peugeot, did the same under American threats.

Recent reports have suggested that both Peugeot and Renault have suffered major losses in their international sales since leaving the Iranian market.

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JCPOA French companies U.S Sanctions 2015 nuclear deal Iran and France Peugeot and Renault
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