Germany’s Allianz Mulling Plans to Scale Down Iran Business
TEHRAN (Tasnim) – German insurer Allianz is preparing to wind down Iran-related business due to possible US sanctions, a spokesman said.
“We are analyzing our portfolio to identify Iran-related business,” he said in an e-mailed statement, Reuters reported.
“This analysis is ongoing and we are developing wind-down plans for relevant business to ensure appropriate termination within the defined periods.”
Allianz’s Iran business was “totally minimal”, the spokesman said, adding that the insurer was also “waiting for and will consider any guidance that the EU and the German government may provide”.
US President Donald Trump announced on May 8 that Washington was walking away from the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).
Under the JCPOA, Iran undertook to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions imposed against Tehran.
Trump also said he would reinstate US nuclear sanctions on Iran and impose "the highest level" of economic bans on the Islamic Republic.
