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US Iran sanctions to target auto, aircraft sectors first: French govt source

AFP  |  Paris 

The will re-establish progressively, kicking off with the automobile and civil aviation sectors, a source close to the said today.

and will follow, with companies facing punishment if they continue to do business with Iran, after US withdrew from a landmark nuclear deal with

August 6 will see the re-introduction of auto and civil aviation sanctions, according to the source.

Sanctions in the sector, covering oil, gas and petro-chemicals, will follow on November 4.

"There will be the obligation to reduce imports of Iranian and, in more terms, sanctions on any commercial operations and transactions of the (energy) sector with Iran," the source said.

On the same day, sanctions will be extended to the financial sector with "a ban on transactions with a certain number of major financial actors, including the central bank" and on the use of messaging systems such as the international system Swift, the source said. Attributions of so-called "Licence H" allowing subsidiaries of US companies to deal with will be revoked, the source said.

has given companies 90 to 180 days to wind up contracts with and banned them from signing new ones, under threat of sanctions.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 21:20 IST