Thyssenkrupp halts business with Iran

Thyssenkrupp has announced that it is not entering into any new contracts with Iranian customers.

‘By halting business with Iran we are supporting the sanctions policies of the Federal Republic of Germany, the EU and the US,’ said Dr Ekkehard Schulz, executive board chairman of Thyssenkrupp.

The Essen, Germany-based company had previously instructed all group companies, including engineering contractors such as Uhde, to comply with the stricter US sanctions against Iran under the Iran Sanctions Act.

The latest Executive Board decision prohibits all new business with Iran and goes beyond the current sanctions measures, which relate primarily to the petrochemical sector.

In a statement, the company said that existing group interests in Iran are to be terminated as quickly as possible.