Washington has given companies between 90 and 180 days to phase out existing contracts with Iran and banned them from signing any new ones, under threat of sanctions.
The decision overturned years of painstaking diplomacy and left European allies scrambling to save the hard-fought deal. Take Boeing, for example.
The Trump administration moved Tuesday to reimpose sanctions on the Islamic Republic that had been lifted as part of a multinational nuclear pact negotiated during the Obama administration. In exchange, the country brought any ongoing nuclear weapons program to an end.
Separately on Tuesday, US National Security Advisor John Bolton warned European companies that they would face immediate sanctions for new deals with Iran and that they have at most six months to wind down already existing agreements. It also had a 30-airplane deal with Iran's Aseman Airlines for $3 billion at list prices. Now that sanctions should be reinstated thanks to Trump, Boeing will no longer be able to see these deals through. In particular, Boeing, which agreed in December 2016 to sell 80 aircraft, including 15 Boeing 777-300ER long-range jets, to Iran Air, says it is approaching the Treasury Department for clarity on how to proceed. But unlike Boeing, Airbus had already delivered some of the planes prior to this week's announcement.
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"We will consult with the U.S. Government on next steps. As we have throughout this process, we'll continue to follow the U.S. Government's lead", Boeing Vice President Gordon Johndroe said in a statement, according to The Washington Post.
German foreign minister Heiko Maas, however, expressed his displeasure over the move and warned that the USA exit from the Iran agreement would undermine trust in worldwide agreements.
"US sanctions will target critical sectors of Iran's economy", he said. They are now in a limbo period as their governments insist the agreement is still in effect, while US ambassadors warn them to exit the Iranian market fast, as Trump's new envoy to Germany exclaimed on Tuesday.
A day after President Donald Trump pulled the United States out of a landmark deal curbing Iran's nuclear programme and reimposed crippling sanctions, European Union governments promised they would shield their companies doing business with Tehran.