French shipping group CMA CGM has decided to pull out of Iran following the U.S. administration’s decision to renew sanctions on companies operating in the country, its chief executive says.
“Because of the Trump administration, we have decided to end our service to Iran,” Rodolphe Saade told an economic conference in Aix-en-Provence in southern France on July 7.
“Our Chinese competitors are hesitating a bit, so they may have different relationships with the Trump administration, but we apply the rules,” he added.
He added that his company’s cooperation agreement with the Islamic Republic of Iran Shipping Lines allowing it to lease spaces for vessels, operate joint shipping lines, and cooperate on the use of port terminals had been suspended and that the company did not want to fall foul of the rules given their large presence in the United States. . . .
In recent weeks, several major European companies have said they will exit Iran unless U.S. sanctions are waived.