Boeing, Airbus to lose deals with Trump's Iran sanctions


Iran blasted Trump's decision, though President Hassan Rouhani also said Tehran will remain in the nuclear deal without the U.S. Since Boeing has a large order backlog of jets, particularly for the 737 aircraft models which constitutes the bulk of Iranian deals, it will not have much impact on Boeing financials.

Federica Mogherini, the European Union foreign policy chief, said the bloc will remain "committed to the continued full and effective implementation of the nuclear deal" as long as Iran abides by its end of the bargain.

The United States will give a six-month wind down for energy-related sanctions, including banking and shipping of energy products, and a 90-day wind down for everything else including passenger aircraft, a U.S. State Department official said on Tuesday. "As we have throughout this process, we'll continue to follow the U.S. Government's lead".

Airbus signed a deal for 100 new planes and Boeing made a deal for 80 new planes. In total, the deals are valued at $20 billion Dollars.

The U.S. withdrawal from a nuclear accord with Iran slams shut what had been a brief opening for historic aircraft sales by Boeing Co. and Airbus SE to the Islamic Republic.

In April 26 remarks to Congress, Mattis said: "We need to focus on what is in the best interest of Middle East stability and the threat that Iran poses". "The plan that we outlined for you, the production rate that we've put in place, is not dependent on the Iranian orders".

The company separately struck a 30-airplane deal with Iran's Aseman Airlines for $3 billion at list prices. Last month, Boeing said it had found new homes for jets it hoped to deliver to Iran this year, adding it had no Iranian deliveries scheduled or part of production this year. But unlike Boeing, Airbus had already delivered some of the planes prior to this week's announcement. According to U.S. Treasury Secretary Steven Mnuchin, export licenses for those two orders will be revoked.

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Mnuchin also said the Trump administration would cancel waivers that allowed the sale of commercial aircraft parts and services.

In a statement Tuesday, Airbus spokeswoman Mary Anne Greczyn said the company is "carefully analyzing the President's announcement and will be evaluating next steps".

While the Airbus deal is not necessarily totally dead, prospects for filling it are "not great", he said.

President Trump on Tuesday said the United States was exiting the accord, claiming it did nothing to stop Iran from one day possibly seeking nuclear weapons.

Airbus has 97 planes for Iran on its backlog.

Some of the world's biggest oil companies were keen to pile into Iran when sanctions were lifted. "Iran probably feels more comfortable trading with Europe". In February 2017, it said it was in talks about a possible investment in Iran, but no decision was on the cards because of uncertainty over the status of economic sanctions.

A cancellation of Airbus's Iranian orders - which it booked early to pip Boeing in the 2016 order race - could wipe out its entire tally of 86 net orders for this year.