Withdrawn

In 2017, CalSTRS designated Muenchener Rueck as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS removed Muenchener Rueck after reviewing the company’s business with Iran and internal controls to prevent sanction violations.

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“Meanwhile Munich Re has said it would withdraw from Iran in case of sanctions so as not to jeopardise its much larger US activities.” (France 24, "US pressuring German firms 'daily' over Iran sanctions," 9/20/2018).

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"The chief executive of reinsurance group Munich Re said it may abandon its Iran business under pressure from the United States, but described the operation as very small." (“China, Germany Defend Iran Business Ties as US Sanctions Grip,” Reuters, August 8, 2018.)

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"Germany-based Munich Re, the world's largest reinsurer, will stop reinsurance for ships carrying Iranian oil exports on July 1, a spokeswoman said. 'Munich Re will of course continue to monitor future international developments regarding sanctions against Iran and comply with all applicable sanction regulations,' she said."  (The Wall Street Journal, "Japan Seeks Delay to Adjust to Europe's Iran Sanctions," 6/13/12)

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"On Thursday, Munich Re AG (MUV2.XE), one of the world's largest reinsurers, said it was suspending its business dealings with Iranian companies.

'Due to the political situation in Iran, Munich Re has decided to not renew existing business or write any new business with insurance companies there. This decision will have an impact on Munich Re's premium volume of around EUR10 million,' annually, the company said in a statement. Its total annual premium volume is around EUR41 billion." (Dow Jones Newswires, "Allianz Suspends Iran Business, Hannover Re Honors Sanctions," 2/19/10)

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"U.S. officials are considering targeting big financial firms including Lloyd's of London in a bid to impose tougher sanctions on Iran over its nuclear programme... The White House is keen to concentrate on Iran's dependence on refined oil imports and insurance firms that underwrite the trade...

Mark Dubowitz, of the Foundation for Defence of Democracies policy institute, said: 'The key fulcrum is the insurance and reinsurance companies. 'It's difficult to ship without insurance and reinsurance...' 'If new sanctions were put in place, we would immediately take action to make sure underwriters were compliant.' Other companies which could be targeted include Munich Re." (Daily Mail, "Obama to target Lloyd's of London in plan for tougher sanctions on Iran," 10/2/09)

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"The US and its allies are stepping up efforts to push through sanctions on companies that provide Iran with insurance following last week’s revelation that Tehran is building an undeclared nuclear facility.

The move could affect the business of groups such as Lloyd’s of London and Munich Re, hit Iran’s supply of refined oil and bypass the UN Security Council, where both Russia and China have signalled their misgivings about sweeping new sanctions...

Aipac, the pro-Israeli lobby group, has identified groups such as Lloyd’s and Munich Re as providing services to shipments of refined petroleum to Iran... Munich Re said it would review any new financial and trade sanctions." (Financial Times, "Insurers targeted in Iran sanctions push," 9/28/09)

"Has suspended activities in Iran "until further notice according to applicable sanctions"; had not resumed the production or sale of Mercedes cars or trucks in Iran." ("Daimler abandons its Iran plans over US sanctions," CNN, August 7, 2018.)

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Iran nears last steps to finalize deal with Daimler.

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"Daimler Trucks head Wolfgang Bernhard said on Saturday that "there is a huge demand for commercial vehicles in Iran" and that 'we plan to quickly resume our business activities in the market there,' AP reported. He added that the Stuttgart-based company has so far signed letters of intent with local partners Iran Khodro Diesel and Mammut Group to arrange a 'comprehensive re-entry' into the Islamic Republic where Daimler started doing business in the 1950s." (Tasnim News Agency, "Germany's Daimler Says to Resume Truck Business in Iran," 7/3/2016).

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"Daimler on Monday said its trucks division had signed letters of intent with joint venture partners in Iran as part of the German truck maker's re-entry into the Iranian market following the lifting of international sanctions…. Daimler said it would cooperate with Iran Khodro Diesel (IKD) and Iran's Mammut Group, establishing a joint venture for local production of Mercedes-Benz trucks and powertrain components, plus the establishment of a sales company for Mercedes-Benz trucks. Furthermore, there are plans for Daimler to return as a shareholder in the former engine joint venture Iranian Diesel Engine Manufacturing Co. (IDEM). Daimler Trucks intends to open a representative office in Tehran during the first quarter of 2016, the Stuttgart, Germany-based company said. The first Mercedes-Benz Actros and Axor trucks could be supplied to the country in the form of CKD (completely knocked down) kits - or fully disassembled - before the end of the year, Daimler said.In addition to the plans for Mercedes-Benz trucks, Daimler Trucks also sees great opportunities for its Mitsubishi FUSO brand – especially in the light-duty truck segment. To open up this market, Daimler and Mammut have signed a distribution agreement for the FUSO brand.” (Reuters, “Truck maker Daimler signs agreement to return to Iran,” 1/18/2016).

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"Daimler AG's Chief Executive Dieter Zetsche said Wednesday the German auto maker will divest its 30% stake in Iranian Diesel Engine Manufacturing as part of a wider review of its business relationships with the country. 'In view of the current political situation we have...extensively reassessed this business relationship,' Mr. Zetsche told shareholders at Daimler's annual general meeting." (The Wall Street Journal, "Daimler Downgrades Ties to Iran," 4/14/10)

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"Daimler has maintained a partnership with Iran car maker Iran Khodro since the 1960s, according to a company spokesperson, and it owns a 30 percent stake in an engine manufacturer owned by Iran Khodro. The company still ships cars to Iran, but new German export laws prohibit the sale of large trucks, and the spokesperson said that the sales are a small portion of worldwide revenue. Daimler and its subsidiaries have won contracts to supply cars and trucks to the U.S. government."  The company received $4.2 billion from the US government for their business investments in Iran during 2000-2009.  Their activities in Iran are currently active. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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Germany's trade ties to Iran stretch back to the Middle Ages, and many of the companies currently there have been active in Iran for decades. Some 85 German companies have operations in Iran, from chemical maker BASF AG to Deutsche Lufthansa AG and Bayer AG, and others such as Linde AG and Mercedes-Benz parent Daimler AG are active there, according to the Hamburg-based German-Iranian Chamber of Commerce. More than 7,000 companies conduct business there through local representatives. Germany has become such a big trading partner for Iran because so many of its companies provide the machinery and engineering prowess Iran needs to improve its infrastructure.(The Wall Street Journal, "German Firms Feel Pressure Over Tehran Trade," 10/3/09)

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Several renowned German companies are involved in major Iranian infrastructure projects, especially in the petrochemical sector, like Linde, BASF, Lurgi, Krupp, Siemens, ZF Friedrichshafen, Mercedes, Volkswagen and MAN. (Payvand News, Iranian exports to Germany rose 50% last year, 1/9/08)

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Major Non-Oil Investments [In Iran]: Renault (France) and Mercedes (Germany)- automobile production in Karaj, Iran--valued at $370 million. (Congressional Research Service (CRS) Reports and Issue Briefs, Iran: U.S. concerns and policy responses, 12/1/07)

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German companies such as Siemens, BASF, Mercedes, and Volkswagen maintain strong business ties with Iran. (The New York Sun, Attack on Iran Said To Be Imminent, 9/28/07)

Caterpillar Iran has its own website.

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"Solar Turbines, a division of Caterpillar, requested this license because it wanted to bid on a project to build a natural mixing station needed by the Turkish government-owned pipeline company, Botas. In its application, Solar Turbines acknowledged that the mixing station in Sivas, Turkey, would serve a pipeline that carried Iranian gas through Turkey and into Western Europe.

The United States has a clear-cut policy that it does not support pipelines that deliver Iranian gas to customers outside that country’s borders, for the simple reason that Iran’s huge natural gas resources prop up its economy and help finance pursuits like its nuclear program. But in this case, the company argued, the station would primarily serve a different, United States-supported pipeline called the Shah Deniz, which pipes gas from Azerbaijan to Turkey, and thus would reduce reliance on Iranian gas. In fact, according to Botas and Turkish Embassy officials, the opposite was true. A Turkish diplomat, Tuncay Babali, said that back in 2005, when this license was issued, 'the Sivas station was primarily for Iran gas, actually.' And that is still the case today, according to Oguz Zimamoglu, the head of Botas's central gas control unit. 'Primarily the gas flowing from Sivas is Iranian gas,' he said. A Caterpillar spokesman, Jim Dugan, said the company relied on the best information it had in making its application, while OFAC said in a statement that its decision was the product of an interagency review that found that 'notwithstanding an Iranian nexus,' granting the license was in America’s foreign policy interest. In the end, another company won the right to build the station. But Elliott Abrams, who at the time served as the deputy national security adviser and should have been involved in any interagency review, said the fact that Solar Turbines was allowed to bid raises questions about the government’s vetting process. He did not recall any debate on the issue, which he called 'surprising' because 'the issues are significant.'" (New York Times, "Licenses Granted to U.S. Companies Run the Gamut," 12/24/10)

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"Caterpillar, through foreign subsidiaries, sold heavy machinery to independent dealers that resold to users in Iran, where the company's equipment can be found at work in Iran’s oil and gas sectors. In addition, a Canadian subsidiary that Caterpillar acquired in 2008, Lovat, sold tunnel-boring equipment to Iran in the late 1990s for municipal projects, said a spokesman, Jim Dugan. Iran has since constructed tunnel complexes to shelter its uranium enrichment complexes, a fact noted in a letter sent last month to the company by United Against Nuclear Iran (UANI), a group that mounts public pressure campaigns against corporations doing business there. Caterpillar also sells products like armored bulldozers to the United States military. On Feb. 26, the company announced that while its sales to Iran amounted to less than 1 percent of worldwide revenue and complied with American law, it would now go “a step further” by prohibiting its foreign subsidiaries from accepting orders for machines, engines or parts that they know it will end up in Iran."  The company has received $2 billion in benefits and revenue from the US government to pursue business in Iran.  They have since withdrawn their investments in Iran.  (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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Caterpillar has performed business in Iran through its wholly-owned subsidiary Lovat, (a Canadian tunnel-boring machine company), and Arya Machinery, which states it is the “exclusive dealer of Caterpillar in Iran.”

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“Caterpillar Inc., of Peoria, Ill., says that under current U.S. sanctions its foreign subsidiaries may, under some circumstances, sell its heavy machinery to independent dealers that resell to users in Iran.

Closely held Arya Machinery, with offices in Tehran, markets itself on its Web site as Iran's exclusive dealer of Caterpillar equipment. A senior sales executive at the company said Arya buys equipment from a Caterpillar subsidiary in Europe.

A Caterpillar spokesman declined to comment about Arya, but said in a statement that Caterpillar has no assets, operations or employees in Iran and is in "full compliance with all applicable laws.” (The Wall Street Journal, "U.S. Enforces Existing Sanctions on Iran," 10/2/09)

Lovat

Lovat, a manufacturer of tunnel boring machines (TBMs) is a wholly-owned subsidiary of Caterpillar acquired in April 2008. (AP, “Caterpillar acquires tunnel boring company,” 4/2/08) Iran has been constructed tunnels to obscure and shield its nuclear program. (The New York Times, “Iran Shielding Its Nuclear Efforts in Maze of Tunnels,” 1/6/10)

Lovat’s business in Iran:

• On its full worldwide contacts list, Lovat lists Mr. Amir Kheradmand of the Tehran-based “Tunnel Boresh Machine” as its main Iran contact. (Company Website)   
• Lovat’s website lists a completed drainage project in Tehran in its “Project section.” The project used a Lovat tunnel-boring machine. (Company Website)
• The December 2009 article World Tunnelling magazine lists two recently completed Lovat tunneling projects for surface water collection in Khayyam and Bahmanyar. Lovat used the same tunnel-boring machine for both projects. (World Tunnelling, “Iranian TBMs continue steady march,” 12/23/09)
  
  

Arya

 “Arya Heavy Machinery (Exclusive dealer of Caterpillar in Iran) has been the Sole authorized representative for the supply of Caterpillar machines, engines, parts and services in Iran since August 18, 2005.” (Company Website) 

The Arya website lists four offices in Iran with its head office in Tehran. (Company Website) 

Arya sells a wide array of Caterpillar power generation equipment and machines in Iran. (Company Website)

Billboard

Formerly a subsidiary of Finmeccanica, the company was sold in 2015 to HItachi Rail. After the deal was finalized the name was changed to Hitachi Rail Italy. 

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AnsaldoBreda is a subsidiary of the Italian conglomerate Finnmeccanica.

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"However, Breda is owned by Finmeccanica, a conglomerate of defense, aerospace, energy and transportation companies, which has deals to provide Iran with 44 gas turbines through its subsidiary Ansaldo Energia." (LA Times, "MTA takes issue with potential contractor's ties with Iran," 7/18/2009)

"Etihad Airways will scrap flights to Iran and Uganda next year, the latest routes to be dropped as it pursues a strategy review." (December 19, 2017)

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"The opening of a new air corridor between two neighboring countries rarely captures the attention of the world's media. But when Emirates Airline launched flights from Dubai to Mashhad on 1 September, everyone knew the UAE flag-carrier was thinking about much more than its own bilateral links with Iran. Air traffic between the two countries has been rising since long before July's landmark nuclear agreement... FlyDubai has followed suit by expanding its Iranian network from two to nine destinations this year, while Etihad has more than doubled frequencies on its Abu Dhabi-Tehran route. Much the same script is being followed across the water in Doha, where flag-carrier Qatar Airways has grown seat capacity on its three Iranian routes by 30% since last summer." (Al Arabiya, "Iran plays catch-up in Gulf aviation boom," 9/13/15)

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"Etihad Airways recently said it would increase the frequency of flights between Abu Dhabi and Tehran from three times a week to daily.  The decision appeared to be an attempt to take advantage of greater Iran-U.S. travel, in anticipation that sanctions would end. Daily flights would give Iranians more direct access to dozens of major U.S. cities, said Kevin Knight, Etihad’s chief strategy and planning officer." (WSJ, "Western Companies See Potential in Reaching Iran’s Consumers After Nuclear Deal," 4/6/15)

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Multiple flights each week from Tehran's Imam Khomeini Airport (IKA) connecting in Abu Dhabi to various airports, and location around the world. (Company Website)

• “Huntsman Corp., the world’s biggest maker of epoxy adhesives, said its foreign subsidiaries will discontinue sales in Iran due to concern over the government’s handling of protests of last year’s presidential election.
  
  ‘The small amount of business done there does not justify the reputational risk currently associated with doing business with entities located in Iran due to growing international concern over the policies of the current regime,’ Huntsman said in a statement.
  
  Huntsman, based in The Woodlands, Texas, said sales to entities located in Iran represented only a ‘minor fraction of one percent’ of its worldwide sales. The company said sales to third parties in Iran ‘have been done in full compliance with U.S. law.’
  
  Huntsman came under pressure last year from United Against Nuclear Iran to end all business in Iran, according to a spokeswoman for the New York-based advocacy group, Kimmie Lipscomb.
  
  ‘This shows that the American people are concerned with a company’s decision to do business in Iran,’ Lipscomb said in an interview.
  
  ‘We learned that one of Huntsman’s subsidiaries was conducting business in Iran, selling polyurethane, which can be used in the development of solid rocket fuel,’ she said. ‘We sent them a letter in November and they said they did not believe the polyurethane was being used for rocket fuel. We objected to them doing any business in Iran.’
  
  Huntsman spokesman Russ Stolle said the company had been in contact with United Against Nuclear Iran. He declined to say whether the decision to halt business in Iran was spurred by the group’s pressure. (Bloomberg News, “Huntsman Stops Sales in Iran on Concern for Government Actions,” 1/27/10)

"Alitalia Airlines made its last flight on Friday night and ended its activity forever. Alitalia was dissolved after nearly 75 years due to the economic crisis and financial problems, and ITA has bought Alitalia for 90 million Euros." (Iran Watch, "Italy economic crisis; Alitalia Airlines dissolved," 10/16/21).

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"Alitalia on Friday changed the route of its Rome-Delhi flight over concerns about US-Iran tensions. The Italian airline said it had decided to modify the route of its only flight that flies over the Strait of Hormuz and the Gulf of Oman." (June 21, 2019)

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Alitalia to suspend five times weekly Rome Fiumicino-Tehran Imam Khomeini service, effective 31-Dec-2018, according to the CAPA. 

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Multiple flights offered weekly between Tehran's Imam Khomeini Airport (IKA) and Rome's Fiumicino Airport (FCO) (Company Website).

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“Foreign visitors to Iran are the most visible effect of President Hassan Rouhani’s drive to mend ties with the U.S. and Europe, an influx that one his deputies said generated as much as $5 billion for the sanctions-hit economy over the past year. For the first time since the 1979 Islamic Revolution, international hotel chains are now plotting a return, while European airlines are adding or restoring links with Tehran…Iranian officials have been in talks with the Italian government and Alitalia SpA to increase the frequency on routes, the official Fars News Agency reported on April 30, citing the deputy head of Iran’s Civil Aviation Organization.” (Bloomberg, “Iran Hotels Fill Up as Rouhani’s Rapprochement Lifts Tourism,” 5/21/14)

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"Iran and Italy have decided to increase the number of their direct flights, a senior aviation official announced on Wednesday. ‘We plan to increase the number of flights (between the two countries) by singing a memorandum of understanding (MoU) in the near future,’ Deputy Head of Iran’s Civil Aviation Organization Mohammad Khodakarami told reporters on Wednesday. He noted that there are currently six weekly flights underway between Iran and Italy. ‘A more suitable atmosphere will be created for the operation of the two countries' airlines through updating the air transportation MoU between Iran and Italy in the near future,’ Khodakarami said. He recalled that a meeting attended by high-ranking officials of Alitalia Airline, Italian Embassy officials and officials of Iran's Civil Aviation Organization was held to facilitate aviation cooperation between the two countries.” (Fars, “Official: Iran, Italy to Increase Weekly Flights” 4/30/14)

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"Italian airline Alitalia also flies to Iran, according to its website." (Reuters, "Two airlines suspend Iran flights as economy weakens," 1/12/13)

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"Some major Western airlines were continuing to fly to Tehran, though, namely Lufthansa, Austrian Airlines, KLM and Alitalia." (The Daily Star, "Airlines stop Iran flights as currency crisis bites," 10/8/12)

"KLM, the Dutch subsidiary of Air France-KLM, said on Friday it had ceased flying over Iran and Iraq only after the downing of a Ukrainian plane on January 8." (JPost, "Air France-KLM: Stopped flying over Iran after downing of Ukraine plane," 1/17/2020).

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"Dutch airline KLM says it will halt flights to Tehran “as a result of the negative results and financial outlook” following the U.S. withdrawal from the Iranian nuclear accord. The airline, part of the Air France KLM group, made the announcement in a short statement on its website Saturday. KLM said its last flight will leave Amsterdam on Sept. 22 and return on Sept. 23." (July 8, 2018).

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"Dutch flag carrier KLM has resumed flights to Iran after a three-year hiatus. Carrying a Dutch trade mission, headed by Minister of Infrastructure and Environment Melanie Schultz van Haegen, on board, a KLM flight landed in Tehran’s Imam Khomeini International Airport on Sunday at 00:05 Tehran local time. “KLM has tried to strengthen its network by adding Tehran as its 14th new destination in 2016,” KLM President and Chief Executive Officer Pieter Elbers was quoted by the news portal of Iran’s Ministry of Roads and Urban Development as saying. As per the new schedule, four weekly services will be operated on Sunday, Tuesday, Thursday and Friday between Amsterdam Airport Schiphol and Tehran." (Financial Tribune, "KLM Lands in Tehran for 1st Time in 3 Years," 10/24/2016). 

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Daily flights from Tehran's Imam Khomeini Airport(IKA) to multiple counties in Europe (Company Website)

KLM and Air France "have become the largest European airline group: one group, two airlines, and three businesses." (KLM Website, "Air France KLM") 

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"Air France-KLM will suspend its Amsterdam-Tehran service starting April 2013, a spokesman for the carrier said. It currently flies to Iran four times a week." (Reuters, "Two airlines suspend Iran flights as economy weakens," 1/12/2013)

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"The company operates regular flights to and from Iran. The airline has flown the route on and off since 1948, a spokeswoman said. The company received loan guarantees from the U.S. Export-Import Bank to purchase airplanes from Boeing."  From 2000-2009, the company was the recipient of $1.4 billion US federal funds.  Their business in Iran is currently active.  (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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"Some major Western airlines were continuing to fly to Tehran, though, namely Lufthansa, Austrian Airlines, KLM and Alitalia." (The Daily Star, "Airlines stop Iran flights as currency crisis bites," 10/8/2012)

Volvo Cars is a Swedish manufacturer of passenger vehicles. It is owned by Chinese automotive manufacturing company Geely.

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"Managing Director of SAIPA auto manufacturing company said with regard to the existence of proper infrastructures in the country the government has put support for foreign investment on its agenda. Saeed Madani, speaking at the second International Conference on Auto Industry, further remarked that SAIPA auto manufacturing group is capable of manufacturing 945 thousand vehicles in the country plus 46 thousand in foreign sites such as Syria, Iraq, Venezuela and Sudan... He said negotiations have been held with Volvo and expressed hope that manufacture of this brand will commence jointly..." (IRNA, "Support for Foreign Investment in Auto Manufacturing Industry," 12/1/14)

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"Last week, Qorbani announced that Benz, Volkswagen, Volvo, Fiat, Rover, Skoda, Renault, Peugeot, Kia and Toyota would take part in the Iranian auto expo, adding that the US car-manufacturers would also join the event. 'In case of desirable conditions, General Motors and Ford companies will also attend the event.' He continued that some leading car parts makers, including Siemens, FORD Mendo, Busch, FRW and ACI would attend the gathering. The event will start work on December 10." (Fars News, "55 Giant Int'l Carmakers, Part-Makers to Participate in Iranian Auto Expo," 11/2/14)

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"Previously, 25 car brands were included in the list, such as South Korean brands (Kia and Hyundai), Chinese brands (SAIC motors), Italian brands (Fiat, Alpha Romeo), Japanese brands (Honda, Mitsubishi), German brands (ABT), and Swedish brands (Volvo)." (Azer News, "Iran bans imports of renowned car brands," 5/27/2013) 

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In 2011, it was reported that Beni Lamberg, Volvo's Iran and Middle East marketing manager, said the company will stay in Iran despite sanctions posed by the United States and UN. (Persian Khodro, "Volvo: We Stay in Iran Despite Sanctions," 2/5/2011)

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"Two European makers of luxury cars, Sweden's Volvo and Audi AG from Germany are reportedly to launch production lines in Iran by the next year.  As Khabar Online correspondent reports, the representatives of the two companies are currently in Tehran negotiating with a team of directorsof Iranian automaker companies and Iranian government representatives to reach an agreement on initiating production lines." (Khabaronline, "Volvo, Audi to launch production lines in Iran," 2010)

"Visa is not able to offer products or services to Iranian banks, merchants or consumers, a source in Visa Inc., US multinational financial services corporation, told Trend. This is due to the ongoing restrictions by the Office of Foreign Assets Control (OFAC) of the US..." (March 14, 2018)

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An AP review of corporate SEC filings found dozens of companies that have done business in Iran in recent years or said their products or services may have made it there through other channels. Some are household names: PepsiCo, Tyson Foods, Canon, BP Amoco, Exxon Mobil, GE Healthcare, the Wells Fargo financial services company, Visa, MasterCard and the Cadbury Schweppes candy and beverage maker. (From bull semen to bras, Iran still buys American, Associated Press, Sharon Theimer, July 9, 2008)