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Global shipping giant says it’s pulling out of Iran

Reuters AIX-EN-PROVENCE, France/LONDON (Reuters) — One of the world’s biggest cargo shippers announced on Saturday it was pulling out of Iran for fear of becoming entangled in U.S. sanctions, and Iranian President Hassan Rouhani demanded that European countries do more to offset the U.S. measures.

The announcement by France’s CMA CGM that it was quitting Iran deals a blow to Tehran’s efforts to persuade European countries to keep their companies operating in Iran despite the threat of new American sanctions.

Iran says it needs more help from Europe to keep alive an agreement with world powers to curb its nuclear program. U.S. President Donald Trump abandoned the agreement in May and has announced new sanctions on Tehran. Washington has ordered all countries to stop buying Iranian oil by November and foreign firms to stop doing business there or face U.S. blacklists.

European powers that still support the nuclear deal say they will do more to encourage their businesses to remain engaged with Iran. But the prospect of being banned in the United States appears to be enough to persuade European companies to keep out.Speech

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