Great concern

Meanwhile, German entrepreneurs expressed great concern about their business in Iran after Trump announced the decision to withdraw from the agreement.

"We will now very carefully analyze the sanction-related steps announced by the United States," German conglomerate Siemens AG said in a statement on Monday.

Siemens, based in Munich and the largest industrial manufacturing company in Europe, signed a contract in October 2016 to upgrade Iran's railway network and supply components for 50 diesel-electric locomotives.

Siemens said it will comply with all the export controls that may emerge.

Chief Executive Joe Kaeser said in an interview with CNN on Sunday that according to his understanding, Siemens could not do any new business in Iran or else it could face sanctions from the US.

Siemens's concerns were widely shared by other German companies that are active in or with Iran.

German carmaker Volkswagen, which resumed its exports to Iran in 2017, said it was closely monitoring and reviewing the political and economic development in the region.

Another German automaker, Daimler AG, also said it would analyze the impact of the US decision.

According to official figures, exported German goods to Iran increased by around $476 million to $3.57 billion in 2017 and German-Iranian commerce has soared by 42 percent since sanctions were loosened in 2016.

White House national security adviser John Bolton told the press on Sunday that "it's possible" that European companies doing business with Iran would be subject to sanctions.

Afp - Xinhua