Volkswagen to end most of its operations in Iran: Bloomberg

Volkswagen AG will end most of all its operations in Iran, Bloomberg reported on Wednesday, citing a U.S. official who led the discussions with the carmaker.

The Trump administration persuaded Volkswagen to comply with U.S. sanctions on Iran, Bloomberg said. 

The White House and Volkswagen were not immediately available for comment on the report.

In May, U.S. President Donald Trump pulled out of a 2015 pact between Iran and major world powers under which sanctions were lifted in return for Tehran accepting curbs on its nuclear program.

According to the Bloomberg report, U.S. Ambassador to Germany Richard Grenell led the talks with the Wolfsburg-based company.

Volkswagen will be able to conduct some business in Iran on humanitarian grounds, the report said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)