Visitors gather outside the Nokia booth at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez
HELSINKI (Reuters) – the Finnish telecom equipment maker Nokia is not planning to get a new business in Iran in 2019, said in its annual report on Thursday, citing difficulties in dealing with conflicting AMERICAN and European trade policy.
“The diversity of the EU and the US regulatory framework for the activities in Iran is much more complicated in the future,” Nokia said in its annual 20-F report.
Under the nuclear deal struck between Iran and six major powers in 2015, the sanctions imposed by the United States, the European Union and the United Nations were lifted in exchange for Iran to agree long-term curbs on a nuclear program the West suspected was aimed at developing an atomic bomb.
The AMERICAN President Donald Trump pulled the United States out of the agreement last year, and the new AMERICAN sanctions have largely succeeded in persuading European companies to put aside business projects with Iran.
“As a European company, it will be a challenge to reconcile the conflicting foreign policies of the regimes of the USA and the EU,” Nokia said.
Nokia made a total of 54.6 million euros ($62 million) in the sale to the operators in Iran in 2018.
“Although we evaluate our activities on an ongoing basis, we currently do not intend to accept new business in Iran in 2019 and intend to only complete existing contractual obligations in Iran in accordance with the applicable economic sanctions and other trade-related laws,” he said.
Reporting by Tarmo Virki; Editing by Jan Harvey