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$1.3b Stadler Deal Imperiled by US Sanctions
$1.3b Stadler Deal Imperiled by US Sanctions
Saturday, June 02, 2018

$1.3b Stadler Deal Imperiled by US Sanctions

Saturday, June 02, 2018

$1.3b Stadler Deal Imperiled by US Sanctions

A recent agreement with the Swiss train building company Stadler may be scrapped entirely, if US sanctions are reimposed and Europe fails to guarantee Iran’s interests as promised in the Joint Comprehensive Plan of Action, the formal name of the country’s nuclear deal with world powers.
“It is not yet clear whether and to what extent a potential contract with IDRO would be affected by US sanctions,” Stadler said in a statement shared with Financial Tribune on Thursday, referring to the Industrial Development and Renovation Organization.
“Naturally, Stadler always complies with sanctions and trade embargoes. Working in close collaboration with the Swiss government, Stadler is monitoring the ongoing situation regarding US sanctions,” the statement read.
On Feb. 28, the Swiss company was reported to have signed a contract worth 1.3 billion francs ($1.32 billion) with IDRO, based on which 960 subway wagons would be built for the cities of Tehran and Karaj. The Swiss company was designated as the financer of the project that was to have a 14-year payback period and guaranteed by the Swiss Export Risk Insurance (SERV).

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06/02/2018
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