French Oil Company Total Halts Exports to Iran

French oil company, Total, said Monday it has stopped bringing oil products to Iran, safeguarding business with the US.

French oil giant Total chief executive Christophe de Margerie. Total, following the latest economic sanctions by the US against Iran, said they will stop trade with Iran. Eric Piermont/Getty Images

French oil company, Total, said Monday it has stopped bringing oil products to Iran, thereby following the latest economic sanctions by the United States against Iran and safeguarding business with the U.S. government.

A company spokesperson said they have “suspended sales of petrol (gasoline) and refined products to Iran,” reported AFP.U.S. Congress adopted sanctions aimed at interrupting the supply of petrol to Iran, which complement recently approved United Nations sanctions.

The sanctions result in the U.S. government not doing business with foreign companies if they have commercial ties with Iran. The sanctions are aimed at stopping Iran’s suspected nuclear weapons ambitions.

Although Iran has one of the world’s largest oil reserves and is the second largest producer in OPEC, it depends on imports for petrol and refined products since it lacks refining capacity.

According to AFP, all the major oil companies present in Iran are in the process of withdrawing activities from the country including Total, Shell, Statoil, and ENI.

In a round of sanctions last year, several international companies like BP already stopped exports to Iran.