Airbus and Boeing set to lose billions as Iran deal is ditched
Airbus and Boeing could be about to lose $39 billion in aircraft sales after President Donald Trump pulled the US out of the Iran nuclear agreement and threatened to reimpose economic sanctions.
The sanctions, which were removed in 2015 when the nuclear agreement was signed, cover aircraft exports as well as other industries.
US Treasury Secretary Steve Mnuchin confirmed licenses to build aircraft for Iranian airlines will be revoked, although this is not likely to happen immediately. Sanctions will be subject to 90-day and 180-day wind-down periods, said the Treasury.
Iranian airlines had ordered about 200 new jets from Boeing, Airbus and ATR.
Even though Airbus is a non-US company, the new sanctions would affect its contracts as some of its parts are made in the US.
Airbus is currently mulling the potential impact. "We’re carefully analysing the announcement and will be evaluating next steps consistent with our internal policies and in full compliance with sanctions and export control regulations," said head of communications Rainer Ohler.
Boeing, which could lose $20 billion in sales, said it ‘will consult with the US government on next steps’. It has agreements to produce about 80 planes for Iranian airlines. Sanctions against Iran could include certain exemptions or waivers.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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