Iran’s agreement in 2015 to curb its nuclear ambitions led to the U.S. easing crippling sanctions, in a rapprochement in which big firms seized an opportunity to invest in a global top-30 economy with a population of about 80 million.

Within a year, landmark deals were being signed in sectors including oil and gas, aviation and the automotive industry, with firms in France, the U.K. and Germany among the quickest to invest.

Shares in several large Iranian investors, including Airbus, Renault and the Peugeot owner, PSA, fell in early trading on Wednesday last week amid concern about the impact on trading, while oil prices reached a three-and-a-half-year high.

A new regime of sanctions means restrictions are expected on many things, from exports of U.S. machine parts to loans made in dollars.

Companies with any exposure to Iran will also have to tread very carefully or face the prospect of huge fines.

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