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Sanctions be damned. France ♥ Iran

March 5, 2010

The Los Angeles Times reports that French automaker Peugeot is expanding its business in Iran despite international sanctions and being blacklisted by Paris-based FATF.

The  blacklisting is especially relevant because FATF’s action essentially warned countries around the world that if they do business with Iran, there is a significant risk that the profits will be laundered to support illegal activity (ie, Iranian nuclear ambitions).

From the Los Angeles Times blog on Feb. 21:

French President Nicolas Sarkozy talks a tough game when it comes to imposing sanctions against Iran over its nuclear program.

But that hasn’t stopped France’s second-biggest automaker, PSA Peugeot Citroen, from expanding its presence in the Islamic Republic with the upcoming launch of the Peugeot 207i, an Iranian-made version of the Peugeot 207, which is set to roll out in late March.

Peugeot 206s, assembled in Iran under a licensing deal, have proved enormously popular in Iran.

Pierre Foret, a Peugeot representative in Iran, was quoted as saying by Agence France-Presse that the launch of the 207i was part of the firm’s effort to “develop its market” in the Islamic Republic.

The 207i will be priced at $15,500 to $19,000, an Iranian auto official was quoted as saying by the website of the state-owned Press TV.

Meanwhile, two large German insurance companies, Allianz and Munich Re, have announced plans to pull out of Iran, apparently succumbing to international pressure.

4 comments

  1. Anyway, it doesn’t seem that sanctions against Iran have any chance.

    Our media doesn’t show it but if you go on http://www.opiar.com and search for “sanction” than you can see the visit of Medvedev in France and his meeting with Sarkozy and what kind of sanctions they imagine. It doesn’t seem as they are willing for hard sanctions against Iran.
    Furthermore, if you watch the Chinese news channel the sanctions seem much more improbable.


  2. At opiar Sarkozy is talking about effective sanctions. The Russian side wants to get help from France to modernize its economy, so I think they have to arrange with France about the sanctions.
    And at the Chinese News you see only that Brazil doesn’t want sanctions. Who cares about Brazil. They aren’t permanent members of the UN.


  3. […] See the original post here: Sanctions be damned. France Iran « Money Jihad […]


  4. […] the way, FATF is based in Paris, and they should probably blacklist France itself for its steadfast business relationships with Iran, itself a blacklisted […]



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