US sanctions forced Volvo to stop truck assembly in Iran

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Volvo spokesman Fredrick Ivarsson told Reuters that the Swedish automaker, like a number of other European companies, was forced to reconsider its investments in Iran against the backdrop of imposed by President Donald Trump sanctions against that country after the withdrawal of the US from the Iranian nuclear deal. Previously, the Swedish automaker expected that for the markets of the Persian Gulf region and North Africa, Iran would become the main export center. Now, Volvo stops the truck assembly in Iran, because it can not receive payment for supplies transported to Iran because of sanctions.

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