Rolls-Royce exploited US sanctions loopholes to trade with Iran

Rolls-Royce sold equipment to Iran for decades, a confidential company memo reveals, exploiting a series of loopholes in US sanctions to avoid breaking the law.

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Rolls-Royce exploited US sanctions loopholes to trade with Iran

Rolls-Royce sold equipment to Iran for decades, a confidential company memo reveals, exploiting a series of loopholes in US sanctions to avoid breaking the law.

The Iranian government amassed the world’s largest collection of the British engineering group’s signature turbine and booked millions of pounds of orders each year, according to a briefing drafted in 2009 for the company’s then chief executive, Sir John Rose.

Trading in Iran appears to have carried on despite the enormous political risk of being seen to avoid US sanctions.

A quarter of Rolls-Royce’s entire £14bn revenue is generated in the US, with much of that reliant on military contracts. The company signed orders worth $224m (£181m) from the Department of Defense in the first half of 2015 alone. More info

By  and   www.theguardian.com

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