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Europe's Leading Companies Are Bowing to U.S. Sanctions
(RealClearWorld) David Adesnik and Saeed Ghasseminejad - Corporate Europe's leading multinational firms, such as Airbus, Maersk, Peugeot, Total, and Siemens, are bowing to the pressure of Washington's unilateral sanctions on Iran. Our study of the efforts of 136 European companies to conduct business with Iran identified 52 European firms that have clearly indicated they will cut ties with Tehran. No European company in the Global 500 plans to defy sanctions. The one firm that tried, Renault, soon chose to back down rather than put itself directly in the U.S. Treasury's crosshairs. A year ago, the Iranian rial was trading at 37,500 to the dollar. Last week the dollar reached a high of 138,000 rials on the black market. David Adesnik is director of research at the Foundation for Defense of Democracies, where Saeed Ghasseminejad is a fellow.