VW to stop doing business in Iran: Bloomberg

The accord was reached Tuesday after weeks of talks between the German auto giant and the administration of President Donald Trump, said Richard Grenell, the US Ambassador to Germany, according to Bloomberg.

VW will still be able to do some business in Iran under a humanitarian exception, Bloomberg added.

In May, Trump pulled the US out of the deal it reached with Iran and five other countries in 2015. That accord lifted sanctions against Tehran in exchange for restrictions on its nuclear program.

Now, the US is reimposing those sanctions.

Bloomberg said VW has scrapped plans it announced in July last year to sell cars in Iran for the first time in 17 years.