Major Swiss companies are reportedly preparing to withdraw from Iran following United States moves to impose economic sanctions on Tehran and threats of punishing companies which ignore the policy. Several Swiss newspapers on Sunday reported that Swiss firms in Iran have stopped making new business contracts two weeks ago. Sharif Nezam-Mafi, chairman of the Swiss-Iranian chamber of commerce, is quoted as saying several Swiss firms were about to close their subsidiaries in Iran. He apparently met representatives of major Swiss companies in Tehran recently. However, it is not clear how Swiss companies, - notably from the engineering, pharmaceutical as well as commodity and service sectors – would be affected by the US policy. Observers say the Swiss business community hopes to be protected in some form by European Union efforts to shield businesses from the impact of US measures, following President Trump’s decision earlier this month to pull out of a nuclear accord with Tehran. ...
