Truckmaker Volvo pulls out of Iran after US sanctions

STOCKHOLM: Swedish truckmaker AB Volvo has been forced to stop assembling trucks in Iran as it can no longer get paid with US sanctions having hit the country’s banking system, a spokesman for the company told Reuters on Monday (Sep 24).

Volvo spokesman Fredrik Ivarsson said due to the sanctions Volvo could no longer get paid for any parts it shipped and therefore had taken the decision to not operate in Iran after the US decided to reimpose economic sanctions on Aug 6.

FILE PHOTO – IAA truck show in Hanover

"With all these sanctions and everything that the United States put.. the bank system doesn’t work in Iran. We can’t get paid … So for now we don’t have any business (in Iran)," he said.

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