Economy, Domestic Economy
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US House Pushes to Block Boeing-Iran Deal

US House  Pushes to Block  Boeing-Iran DealUS House  Pushes to Block  Boeing-Iran Deal

The Republican-led US House of Representatives has approved measures aimed at blocking US companies from selling commercial passenger aircraft to Tehran.

However, the move is expected to be vetoed by the administration of US President Barack Obama, AP reported.

Iran reached a deal with world powers last year to break free from years of sanctions over its nuclear program in exchange for implementing limits on the scope of the program. The deal was put in place in January. However, the US maintains its own set of sanctions on allegations unrelated to the nuclear program.

Under the preliminary agreement, Boeing will supply a total of 109 aircraft to Iran, including small and large jetliners worth $20.37 billion at list prices, both through direct sale and leasing.

The deal, if goes through, could bring a windfall to Boeing, while providing Iran with new planes to renew its aging fleet.

Iran is also in agreement with Boeing’s French rival Airbus to buy 118 passenger planes worth $25-27 billion at list prices.

Financialtribune.com