Billions of dollars of deals signed by international companies with Iran are under threat after the US president, Donald Trump, announced he was pulling out of a “rotten” nuclear deal with Tehran.
Iran’s agreement in 2015 to curb its nuclear ambitions led to the US easing crippling sanctions, in a rapprochement in which big firms seized an opportunity to invest in a global top-30 economy with a population of about 80 million.
Within a year, landmark deals were being signed in sectors including oil and gas, aviation and the automotive industry, with firms in France, the UK and Germany among the quickest to invest.
A new regime of sanctions means restrictions are expected on many aspects, from exports of US machine parts to loans made in dollars.
Companies with any exposure to Iran will also have to tread very carefully or face the prospect of huge fines.