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In December 2016, Airbus signed a deal to supply national carrier Iran Air with 100 airplanes for about $19 billion at list prices.

Iran said it needs between 400 and 500 planes to renew its fleet, the planes of which have an average age of about 20 years.

Boeing signed a deal to sell 80 jets to Iran Air after the sanctions were lifted.

U.S. President Donald Trump holds up a proclamation declaring his intention to withdraw from the JCPOA Iran nuclear agreement after signing it in the Diplomatic Room at the White House in Washington, U.S. May 8, 2018. No deliveries have been made yet.

The company announced it would "consult with the US government on the next steps". "As we have throughout this process, we'll continue to follow the USA government's lead", a Boeing spokeswoman said in an emailed statement.

Both Boeing and European rival Airbus look set to lose the orders the after US Treasury Secretary Steven Mnuchin said Tuesday export licenses enabling them to sell the planes would be revoked. Boeing's stock fell 0.6 percent and closed at $338.37 a share.

Airbus, which is France based company, is also subject to the export restrictions of the USA because more than 10 percent of its jet parts originate with US companies such as United Technologies, Rockwell Collins and General Electric.

While European countries are staying in the deal, Airbus will likely have to pull out of the contract as it needed a US license for the deal since over 10% of parts and labor were provided by USA companies. "They are very strong sanctions", Mnuchin said.

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With the USA exiting the Iran deal, American companies are set to lose big bucks, keeping them from being able to grow the American economy.

He said there might be some exclusions, but he did not elaborate.

Speaking of energy, France's Total has a $2 billion deal with China's CNPC to develop Iran's South Pars gas field.

Mnuchin said that the new sanctions would allow countries doing business with Iran to wind down those activities in either 90 or 180 days, depending on the type of products being sanctioned. Now the company is anxious the agreement could collapse in the face of new sanctions.

Stefano Cao, CEO of Saipem SpA, an Italian oil services company active in Iran, said last month that "there has been a cool-down" after the initial enthusiasm about Iran. In fact, according to CNBC, the company hadn't even included the orders in its order book, so financials shouldn't be affected much and its backlog remains unchanged.

During the last round of sanctions, India enjoyed waivers allowing limited Iranian oil imports paid for in rupees instead of USA dollars.

A senior official with a Chinese oil major, who declined to be identified because he is not authorised to speak to the media, said new sanctions would hurt Chinese refiners by pushing up the price of crude.

Analysts say oil prices are already high enough to cause a drag on the economy.


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