Iran's Railbus Wagon Contract With Hyundai Rotem Remains in Effect

The contract between South Korea’s Hyundai Rotem and the Islamic Republic of Iran Railways for the production of suburban railbus wagons has not been terminated and is still in place. 
"The Korean side is looking for a way to implement the contract in the face of banking obstacles reinforced by the reimposition of US economic sanctions against Iran," says Nourollah Beiranvand, IRIR’s deputy head for planning and investment, was quoted as saying by ILNA.
“Due to the new circumstances, it is natural that impediments occur in these kinds of contracts.” 
The South Korean rolling stock manufacturer Hyundai Rotem signed a contract worth €720 million with the Islamic Republic of Iran Railways to produce 450 suburban railbus wagons in Iran last December.