WASHINGTON ORDERS SUPPLIERS TO AXE IRAN AIRCRAFT CONTRACTS - CH - AVIATION

What happened: The US Treasury will cancel export licences granted to Airbus and Boeing, among others, for aircraft and parts sales to Iran after the US withdrew from the P5+1 nuclear accords. Key numbers: Aircraft sales must end within 90 days, by August 6, 2018. Why it matters: Treasury Secretary Steven Mnuchin said existing licences will be revoked and called the sanctions very strong. IranAir CEO Farzaneh Sharafbafi said the airline needs up to two weeks to review its contracts before deciding a way forward.

The US Treasury will cancel export licences granted to Airbus and Boeing, among others, for aircraft and parts sales to Iran after the US withdrew from the P5+1 nuclear accords.

Treasury Secretary Steven Mnuchin said existing licences will be revoked and called the sanctions very strong. IranAir CEO Farzaneh Sharafbafi said the airline needs up to two weeks to review its contracts before deciding a way forward.