Boeing to consult with US on 'next steps' after Trump's Iran move

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After lengthy negotiations and tight oversight by the Obama administration, Boeing in December 2016 announced a landmark agreement to sell Iran Air 80 aircraft valued at $16.6 billion. The new sanctions will allow for certain exemptions to be negotiated, but Mnuchin wouldn't discuss what products might qualify for exemptions. Following the 180-day wind-down period ending on November 4, 2018, the United States government will reimpose sanctions on Iran's energy sector, port operators, shipping and shipbuilding sectors, as well as petroleum-related transactions.

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

"As we have throughout this process, we'll continue to follow the United States government's lead".

Boeing said it will continue to take its cue from USA government policy on sales to Iran after President Donald Trump announced the U.S. would withdraw from the Iran nuclear pact. It has already delivered two A330-200s and one A321 to Iran.

He says the sanctions will also sharply curtail sales of oil by Iran, which is now the world's fifth-largest oil producer.

"Countries seeking such exceptions are advised to reduce their volume of crude oil purchases from Iran during this wind-down period", the notice said. US law gives the Treasury secretary the power to administer sanctions imposed by the president.

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The aircraft sales were among the most-sought-after contracts for Iran.

One company hoping for a reprieve is the French oil giant Total, which previous year signed a $2 billion contract to develop the South Pars natural gas field.

Total did not respond to requests for comment. "Sanctions on Iran's automotive sector", the release stated. It said Wednesday that it is studying the implications of the US move and hopes the European Union will have a united position on the Iranian sanctions. Trade between Germany and Iran reached 3.4 billion euros ($4 billion) past year, according to BGA, another foreign trade association.

Mnuchin also said he did not believe oil prices would rise as a result of the president's decision to reimpose economic sanctions against the Islamic Republic.

"These sanctions do impact all the major industries (in Iran)". "These are very very strong sanctions; they worked last time".