Mubasher: French shipping group CMA CGM announced withdrawing from Iran after US President Donald Trump had renewed sanctions on firms operating in the Persian Gulf country.

Other giant shipping companies, including Denmark's A.P. Moller-Maersk, noted that they would halt their business in the wake of the re-imposition of sanctions after the US abandoned the 2015 Iran nuclear accord.

“Due to the Trump administration, we have decided to end our service for Iran,” Rodolphe Saade, chief of CMA CGM, said on the sidelines of an economic conference in the southern French city of Aix-en-Provence.

Commenting on the French shipping firm's Chinese competitors in Iran, he said that they “are hesitating a little, so maybe they have a different relationship with Trump, but we apply the rules.”

In the same vein, he mentioned that CMA CGM’s cooperation agreement with local Iranian partner IRISL had been suspended as the French company did not want to fall foul of the rules given their large presence in the US.

Source: Mubasher

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