French automaker PSA Group, the parent company of Citroën, Opel and Peugeot has announced it is suspending its joint ventures with Iranian automakers, a decision based on compliance with new sanctions placed on the Islamic Republic by the United States Treasury Department, which accompanied America’s withdrawal from the JCPOA. Despite French President Macron, along with German Chancellor Merkel and British PM May stating their desires to keep the disastrous deal alive and seeking waivers for their respective countries’ companies, it appears the heads of corporate Europe are taking their queue from Washington. Though European companies would like to do business in and with Iran, they realize the cost of violating US sanctions far outweighs the benefit of doing so, and are acting accordingly.
If the political leaders of Europe acted as wisely as its corporate leaders, Iran’s already weak economy could be brought to a complete collapse, forcing the mullahs to negotiate a REAL nuclear deal, or better yet, trigger a regime change. While French, German and the British leaders are acting penny wise and Euro foolish, they are enabling Iranian leadership to continue the repression of its own people while seeking the weapons needed to eventually attack Europe’s. Hopefully, enough companies follow the US lead and bring the theocratic regime to its knees, and an end to its nuclear program.