Austria’s Oberbank, one of the first Western banks to sign a deal to provide project finance to Iran, said it will withdraw from the country due to the threatened U.S. sanctions.
Oberbank said transactions and letters of credit related to Iran will be provided exclusively for contracts signed before May 8, and payments will most likely no longer be possible from Nov. 4.
President Donald Trump pulled the United States out of a 2015 nuclear deal with Tehran last month and said that he would reimpose economic sanctions on the country.
