Trade officials are scrambling to determine whether Australian companies that do business in Iran will be affected by the restoration of sanctions after US President Donald Trump walked away from the agreement to curtail Tehran’s nuclear weapons program.
With Australia at the forefront of efforts to bridge differences between Iran and the West, mining services and finance companies are among those businesses being urged to seek their own legal advice on the impact of Mr Trump’s announcement.
Prime Minister Malcolm Turnbull said he regretted Mr Trump had made good on his pledge to withdraw the US but hoped the agreement could be salvaged by other signatories, maintaining it was in Iran’s interests as well.
“I wouldn’t foreshadow a complete unravelling of the deal,” Mr Turnbull told the ABC.
Read the article by Andrew Tillett in the Australian Financial Review.