Photo Credit: WH.gov
U.S. Secretary of the Treasury Steve Mnuchin

U.S. Treasury Secretary Steve Mnuchin told reporters Tuesday night following President Donald Trump’s announcement of America’s withdrawal from the JCPOA Iranian nuclear deal, that aeronautics industrial leaders Boeing and Airbus will no longer be allowed to conduct sales deals with Iran for aircraft and parts following a 90-day period. Following the same period, the Treasury will also revoke a license that allows U.S. companies to negotiate business deals with Iran.

“Under the original deal, there were waivers for commercial aircraft, parts and services and the existing licenses will be revoked,” Mnuchin said.

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IranAir had ordered 200 passenger aircraft: 100 from Airbus SE, 80 from Boeing and 20 from Franco-Italian turboprop maker ATR. Boeing agreed in December 2016 to sell 80 aircraft worth $17 billion to IranAir, after sanctions were lifted in exchange for a suspension of Iran’s nuclear program.

Mnuchin also said he did not believe oil prices would rise as a result of the president’s decision to reimpose economic sanctions against the Islamic Republic. He said there were “different parties that would be willing to increase oil supply to offset this. So my expectation is not that oil prices will go higher – to a certain extent, some of this was already in the market on oil prices.”

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