ThyssenKrupp AG announced that it has resolved with immediate effect not to enter into any new contracts with Iranian customers.
Dr Ekkehard Schulz executive board chairman of ThyssenKrupp AG said "By halting business with Iran we are supporting the sanctions policies of the Federal Republic of Germany, the EU and the USA."
ThyssenKrupp had previously instructed all Group companies, including engineering contractors such as Uhde, to comply with the stricter US sanctions against Iran.
The latest Executive Board decision prohibits all new business with Iran and thus goes beyond the current sanctions measures, which relate primarily to the petroleum sector (oil and gas). Existing Group interests in Iran are to be terminated as quickly as possible. The Executive Board decision is to be implemented in the Group immediately.