AFP reported that the German industrial gas giant Linde would soon halt business operations in Iran owing to economic sanctions against the country.

A Linde spokesman said that we had already decided a few months ago not to launch any new activities in Iran. In light of the political developments, we have decided to soon halt our activities in the country.

He said that Iran represents only a tiny part of the German group's activities, roughly EUR 39 million or 0.3% of its global sales in 2009. The UN Security Council approved sanctions against Iran in June and countries including Australia, Canada Japan, South Korea and the United States have also taken unilateral measures to check Tehran's nuclear ambitions.

In January, the German conglomerate Siemens said it would withdraw from Iran amid diplomatic tension between Berlin and Tehran.

German banks and auto manufacturers have also greatly reduced their presence there and the government decided last year to strictly limit export guarantees that are often needed by companies that wish to do business with the Iranian regime.

(Sourced from AFP)