“There is a tide setting in against doing trade with Iran and it is just becoming more difficult for everyone involved,” said Philip Roche, London-based partner in the shipping disputes and risk management team with law firm Norton Rose.
It is hard to assess the economic impact of companies cutting their exposure. Experts say it depends on the type of business, but U.S. officials say the collective action is significant.
“As a result of our efforts to impose additional multilateral sanctions on Iran, as well as Iran’s own defiance, international companies are increasingly coming to the correct conclusion that the risks of doing business with Iran are high and have announced that they are withdrawing from Iran,” White House National Security Council spokesman Mike Hammer said.
