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Volvo Halts Iran Truck Assembly Following US Sanctions

Volvo Halts Iran Truck Assembly Following US Sanctions
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Volvo Halts Iran Truck Assembly Following US Sanctions

Volvo Halts Iran Truck Assembly Following US Sanctions

Swedish truck-maker Volvo has joined other companies withdrawing from Iran, six weeks after the second phase of US sanctions entered into force.

The company stopped assembling trucks in Iran because US sanctions are preventing it from being paid, a spokesman for the company said on Monday.

In August, US President Donald Trump reimposed sanctions against Iran after his decision to pull out of a nuclear deal with Tehran, which have forced companies across Europe to reconsider their investments there.

Volvo spokesman Fredrik Ivarsson said the trucks group could no longer get paid for any parts it shipped and had therefore decided not to operate in Iran in another blow to the country’s car industry, which unlike the energy and banking sectors, had managed to sign contracts with top European firms.

“With all these sanctions and everything that the United States put... the bank system doesn’t work in Iran. We can’t get paid... So for now we don’t have any business (in Iran),” Ivarsson told Reuters.

Ivarsson said Volvo had no active orders in Iran as of Monday.

Before the sanctions were reimposed, Volvo had expressed an ambition for Iran to become its main export hub for the Gulf region and North Africa markets.

EU implemented a law to protect its companies, but the sanctions have deterred banks from doing business with Iranian firms as Washington can cut any that facilitate such transactions off from the US financial system.

Volvo was working with Saipa Diesel, part of Iran’s second-largest automaker SAIPA, which was assembling the Swedish firm’s heavy-duty trucks from kits shipped to Iran.

A commercial department manager at Saipa Diesel confirmed that sanctions had prompted Volvo to terminate their partnership agreement.

“They have decided that due to the sanction on Iran, from (May) they couldn’t cooperate with us. We had some renovation planned in Iran for a new plant but they refused to work with us,” said the manager, who declined to be identified.

More than 3,500 Volvo trucks had been assembled by Saipa Diesel in the year to May, but none had been assembled in this financial year although the original deal was for at least 5,000 trucks, explained the manager.

Meanwhile, Finnish mining technology company Outotec will pull out of Iran due to the new sanctions, a company spokeswoman said on Monday

Outotec builds plants, makes equipment and offers services for the metal and mineral processing industries. It has a long history in Iran and it remained in the market after the US imposed sanctions in 2010.

Its business started to normalise after the 2015 nuclear deal, helping Outotec to book orders from National Iranian Copper Industries Company (NICICO) and Iran International Engineering Company (IRITEC).

New sanctions on Iran have forced companies across Europe to reconsider their investments there.

“We comply with all existing sanctions. Our projects in Iran are already in their final phases ... and we aim to complete our projects before November 4,” asserted spokeswoman Eila Paatela.

Outotec has not disclosed the overall volume of its business in Iran but it said in May that the market did not represent a significant share of its global sales of about $1.41 billion.

The NICICO order is for two sulphuric acid plants for copper smelters with a value of around 50 million euros. The IRITEC order is for technology worth 45 million euros for an iron plant.

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2 Israelis Charged with Using Classified Military Information to Place Bets

The Israeli Iron Dome air defense system intercepts missiles during an Iranian attack on Tel Aviv, Israel, June 18, 2025. (AP Photo/Leo Correa, File)
The Israeli Iron Dome air defense system intercepts missiles during an Iranian attack on Tel Aviv, Israel, June 18, 2025. (AP Photo/Leo Correa, File)
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2 Israelis Charged with Using Classified Military Information to Place Bets

The Israeli Iron Dome air defense system intercepts missiles during an Iranian attack on Tel Aviv, Israel, June 18, 2025. (AP Photo/Leo Correa, File)
The Israeli Iron Dome air defense system intercepts missiles during an Iranian attack on Tel Aviv, Israel, June 18, 2025. (AP Photo/Leo Correa, File)

Two Israelis have been charged with using classified military information to place bets on how future events will unfold, Israeli authorities said Thursday, accusing the individuals of “serious security offenses.”

A joint statement by the Israeli Ministry of Defense, domestic security service Shin Bet and police said that a civilian and a reservist are suspected of placing bets on the US-based prediction market Polymarket on future military operations based on information that the reservist had access to, The AP news reported.

Israel’s Attorney General’s Office decided to prosecute the two individuals following a joint investigation by police, military intelligence and other security agencies that resulted in several arrests. The two face charges including bribery and obstruction of justice.

Authorities offered no details on the identity of the two individuals or the reservist's rank or position in the Israeli military but warned that such actions posed a “real security risk” for the military and the Israeli state.

Israel’s public broadcaster Kan had reported earlier that the bets were placed in June ahead of Israel’s war with Iran and that the winnings were roughly $150,000.

Israel's military and security services “view the acts attributed to the defendants very seriously and will act resolutely to thwart and bring to justice any person involved in the activity of using classified information illegally,” the statement said.

The accused will remain in custody until the end of legal proceedings against them, the Prosecutor's Office said.

Prediction markets are comprised of typically yes-or-no questions called event contracts, with the prices connected to what traders are willing to pay, which theoretically indicates the perceived probability of an event occurring.

Their use has skyrocketed in recent years, but despite some eye-catching windfalls, traders still lose money everyday. In the US, the trades are categorized differently than traditional forms of gambling, raising questions about transparency and risk.

World

WhatsApp Accuses Russia of Trying to Fully Block its Service

FILED - 21 January 2022, Berlin: The icon of Whatsapp is seen on the screen of a smartphone. Photo: Fabian Sommer/Deutsche Presse-Agentur GmbH/dpa
FILED - 21 January 2022, Berlin: The icon of Whatsapp is seen on the screen of a smartphone. Photo: Fabian Sommer/Deutsche Presse-Agentur GmbH/dpa
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WhatsApp Accuses Russia of Trying to Fully Block its Service

FILED - 21 January 2022, Berlin: The icon of Whatsapp is seen on the screen of a smartphone. Photo: Fabian Sommer/Deutsche Presse-Agentur GmbH/dpa
FILED - 21 January 2022, Berlin: The icon of Whatsapp is seen on the screen of a smartphone. Photo: Fabian Sommer/Deutsche Presse-Agentur GmbH/dpa

US messenger app WhatsApp, owned by Meta Platforms, accused authorities in Russia on Thursday of trying to fully block its service in order to drive Russians to a state-owned app, which it alleged was used for surveillance.

"Trying to isolate over 100 million users from private and secure communication is a backwards step and can only lead to less safety for people in Russia," WhatsApp said in a statement.

"We continue to do everything we can ‌to keep users connected."

Some ‌domain names associated with WhatsApp on Thursday disappeared from Russia's ‌national ⁠register of domain ⁠names, meaning that devices inside Russia stopped receiving its IP addresses from the app and that it could be accessed only by using a virtual private network (VPN), Reuters reported.

Roskomnadzor, the state communications regulator, and the Kremlin did not immediately respond to a request for comment.

Roskomnadzor first began restricting WhatsApp and other messenger services in August, making it impossible to complete phone calls on them, accusing the foreign-owned platforms of failing ⁠to share information with law enforcement in fraud and terrorism ‌cases.

It said in December it was taking ‌new measures to gradually restrict the app, which it accused of continuing to violate Russian ‌law and of being a platform used "to organize and carry out terrorist acts ‌on the territory of the country, to recruit their perpetrators and to commit fraud and other crimes."

Since then, many Russians have been able to use WhatsApp only in conjunction with a virtual private network and have switched to using rival messenger apps, though some ‌of those - like Telegram - are also under pressure from the authorities for the same reasons.

In a video published by state ⁠news agency ⁠TASS on Wednesday, Kremlin spokesman Dmitry Peskov said there was a possibility of reaching an agreement if Meta entered into dialogue with the Russian authorities and complied with the law.

"If the corporation (Meta) sticks to an uncompromising position and, I would say, shows itself unready to align with Russian legislation, then there is no chance," Peskov said.

Russian authorities, who also block or restrict social media platforms such as Snapchat, Facebook, Instagram and YouTube, are heavily pushing a state-backed messenger app called MAX, which critics say could be used to track users.

The authorities have dismissed those accusations as false and say MAX, which integrates various government-related services into it, is designed to simplify and improve the everyday lives of citizens.

World

Israel President Says at End of Visit Antisemitism in Australia 'Frightening'

Israel's President Isaac Herzog reacts during a Jewish community event in Melbourne on February 12, 2026. (Photo by WILLIAM WEST / AFP)
Israel's President Isaac Herzog reacts during a Jewish community event in Melbourne on February 12, 2026. (Photo by WILLIAM WEST / AFP)
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Israel President Says at End of Visit Antisemitism in Australia 'Frightening'

Israel's President Isaac Herzog reacts during a Jewish community event in Melbourne on February 12, 2026. (Photo by WILLIAM WEST / AFP)
Israel's President Isaac Herzog reacts during a Jewish community event in Melbourne on February 12, 2026. (Photo by WILLIAM WEST / AFP)

Antisemitism in Australia is "frightening" but most people want good relations, Israel's President Isaac Herzog said on Thursday as he wrapped up a four-day visit and was met by protests in the city of Melbourne.

Herzog's tightly policed visit to Australia this week was meant to offer consolation to the country's Jewish community following the mass shooting on Bondi Beach that killed 15 people in December, said AFP.

However, it sparked demonstrations in major cities, including in Sydney, where police used pepper spray on protesters and members of the media, including an AFP photographer, during scuffles in the central business district on Monday night.

Herzog told Channel Seven's Sunrise ahead of his Melbourne stop that a "wave" of anti-Jewish hatred in Australia had culminated in the December 14 killings at Bondi.

"It is frightening and worrying," he said.

"But there's also a silent majority of Australians who seek peace, who respect the Jewish community and, of course, want a dialogue with Israel."

The Israeli head of state said he had brought a "message of goodwill to the people of Australia".

"I hope there will be a change. I hope things will relax," he said.

Herzog attended a Jewish community event after a meeting with Victoria's governor at Melbourne's Government House.

Protesters waving Palestinian flags and chanting slogans squared off with police outside the event.

More are expected to turn out later at around 5 pm (0600 GMT) on Thursday.

Herzog told the audience at the community event: "We came here to be with you, to look you in the eye, to embrace and remember."

He also said demonstrators outside should instead "go protest in front of the Iranian embassy".

The Australian government accused Iran last year of orchestrating a recent wave of antisemitic attacks and expelled Tehran's ambassador.

Canberra, citing intelligence findings, accused Tehran of directing the torching of a kosher cafe in the Sydney suburb of Bondi in October 2024 and a major arson attack on the Adass Israel Synagogue in Melbourne in December 2024.

- Controversial visit -

Ahead of his arrival, national broadcaster ABC reported that a building at Melbourne University had been graffiti-ed with the phrase: "Death to Herzog".

Many Jewish Australians have welcomed Herzog's trip.

"His visit will lift the spirits of a pained community," said Alex Ryvchin, co-chief executive of the Executive Council of Australian Jewry, the community's peak body.

But some in the community disagreed, with the progressive Jewish Council of Australia saying he was not welcome because of his alleged role in the "ongoing destruction of Gaza".

The UN's Independent International Commission of Inquiry found last year that Herzog was liable for prosecution for inciting genocide after he said all Palestinians -- "an entire nation" -- were responsible for the Hamas attack on Israel in October 2023.

Israel has "categorically" rejected the inquiry's report, describing it as "distorted and false" and has called for the body's abolition.