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US official says 50 companies to pull out of Iran to avoid sanctions

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US official says 50 companies to pull out of Iran to avoid sanctions

Over 50 international companies plan to stop dealings with Iran, in light of the Trump administration's proposed sanctions against the country, the Financial Times reported July 3.

Brian Hook, a U.S. state department official, said many of these companies were in the energy and financial sectors. Groups such as Total SA, Peugeot SA and Siemens AG said they are pulling out even though their home countries support their continued operations.

U.S. President Donald Trump decided to withdraw from the multilateral nuclear deal with Iran in May, but Germany, France and the U.K. opted to stay on. The Europeans have yet to persuade the U.S. to grant waivers for European companies that continue to do business with Tehran.

Washington plans to reimpose previously suspended sanctions that target trading in cars, gold and other metals Aug. 4. The second batch of sanctions to take effect Nov. 4 will aim at oil and transactions with Iran's central bank, reported the FT.

China, Russia, India and Turkey are among the countries that are not expected to abide by the U.S. sanctions, according to the report.