Volkswagen has bowed to American pressure stemming from the U.S. rejection of the multi-party nuclear deal and will end almost all business in Iran, Bloomberg News reported Wednesday.
The accord was reached Tuesday after weeks of talks between the German auto giant and the administration of President Donald Trump, said Richard Grenell, the U.S. Ambassador to Germany, according to Bloomberg.
According to the Breport, Grenell led the talks with the Wolfsburg-based company. The White House and Volkswagen were not immediately available for comment on the report.
VW will still be able to do some business in Iran under a humanitarian exception, Bloomberg added.
In May, U.S. President Donald Trump pulled out of a 2015 pact between Iran and major world powers under which sanctions were lifted in return for Tehran accepting curbs on its nuclear program.
Now, the U.S. is reimposing those sanctions. Bloomberg said VW has scrapped plans it announced in July last year to sell cars in Iran for the first time in 17 years.
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