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French shipping firm CMA CGM ends Iran ops due to U.S. sanctions threat

Reuters  |  AIX-EN-PROVENCE, France 

AIX-EN-PROVENCE, (Reuters) - French shipping group has decided to pull out of following the Trump administration's decision to renew sanctions on companies operating in the country, its said on Saturday.

Some other big shipping companies like have already said they would halt business ahead of a reimposition of sanctions following the United States' decision to pull out of the 2015 nuclear accord.

"Due to the Trump administration, we have decided to end our service for Iran," chief said during an economic conference in the southern French city of

"Our Chinese competitors are hesitating a little, so maybe they have a different relationship with Trump, but we apply the rules," Saade said.

He added that his company's cooperation agreement with local Iranian partner IRISL had been suspended and that the company did not want to fall foul of the rules given their large presence in the

He also said that the company had so far not seen an impact of trade tensions between and the on shipping volumes, but was making preparations with a close eye on and in case the situation deteriorated.

(Reporting by and Sarah White; Editing by Ingrid Melander)

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

First Published: Sat, July 07 2018. 17:52 IST