Over a dozen US corporations are preparing to exit Iran as Washington is set to reimpose sanctions against, the Wall Street Journal (WSJ) reported.
Companies which are set to entirely cease their economic activity in Iran include chemical producer Albemarle, engineering and aerospace conglomerate Honeywell, and Eaton Corporation, a power management and energy giant.
The aforementioned companies entered and operated in the Iranian market via foreign subsidiaries, as per the US Treasury’s demand.
The JCPOA was agreed upon in late 2015 after extensive negotiations between Iran and the P5+1 group, and came into effect in 2016.
In search of expansion opportunities and profits, many western businesses, including Airbus and Boeing, swiftly inked deals with Iran after the sanctions were lifted.
Although the European Union (EU) has said it is keen to maintain the deal, even without Washington, some European businesses have been alarmed by the threat of secondary sanctions to their projects and business ventures in Iran.
Top diplomats from the UK, France and Germany have urged the US to exempt European companies from these sanctions, but the Trump administration is yet to make any guarantees.