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Daimler to cut off business ties to Iran

Source: Radio Zamaneh

German carmaker Daimler AG announced it is cutting off business links with Iran "in view of the current political situation."

Mercedes-Benz E-Class cars will be produced in Iran as of September 2005,
Tehran bureau of the giant German carmaker, Daimler Chrysler announced in July 2005

Daimler announced that it plans to sell its 30 percent stake in the Iranian Diesel Engine Manufacturing. Daimler chief Dieter Zetsche said: "The policies of the current Iranian leadership have compelled us to put our business relationship with that country on a new footing."

He also added that Daimler had withdrawn its application to export commercial vehicles for civilian use in Iran.

Daimler's announcement follows recent US pressures on Western companies to cut off business relations with Iran.

Same diplomatic pressures are thought to have been behind the earlier decision by Russian company, Lukoil to abandon an oil project in Iran.

European oil and gas company, Royal Dutch Shell, and the US industrial group, Ingersol Rand have also shelved investment plans in Iran, in anticipation of the coming sanctions.

US determination to start a new set of sanctions against Iran over their nuclear disputes has already affected the relations of several international companies with the Islamic Republic.

Before Daimler, several German companies including Munchener Ruch, Allianz and Siemens halted activities with Iran. Indian company, Reliance has also stopped its purchase of crude oil from Iran.

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