The renewed economic sanctions on Iran planned by the Trump Administration are an issue for Western companies planning to do business there, writes Joseph DiStefano for the Philadelphia Inquirer.
President Trump’s announcement that he plans to re-impose economic sanctions on Iran is forcing many businesses to re-examine their strategy.
SAP, the German software company with its U.S. headquarters located in Newtown Square, was one of the first companies whose services were sought by Iranian employers once financial sanctions were lifted two years ago.
Separately, Boeing, which has a plant in Ridley Township, partnered with Airbus to sell modern passenger jets to Iran Air in a set of deals worth $40 billion.
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Soon after the announcement, Richard Grenell, the new ambassador to Germany, said on social media that “German companies doing business in Iran should wind down operations immediately.”
Grenell was immediately scolded by Germany’s political parties, but SAP stated that at this time SAP “does not authorize the sale or support of SAP products in Iran.”
The move also blocks Boeing’s attempt to secure aircraft sales in Iran, as well as those of Airbus and its U.S. suppliers that include General Electric.
Read more about the effect of the planned sanctions on Iran in the Philadelphia Inquirer by clicking here.
