TEHRAN – Flippo Contessi, the export director of the Italian steel and iron equipment company, has said U.S. sanctions on Iran will hurt companies in Italy and other European states, noting that U.S. economic hegemony is “not acceptable”.

In a recent interview with Netherlands' De Telegraaf newspaper, Contessi said the U.S. sanctions against Iran will harm all companies, IRNA reported.

In recent years Italy’s engagement with Iran had been on the rise more than any other countries and the prospect for furthering “our cooperation was promising”, he said.

With Trump in office “our business with Iran is declining and even blocked,” Contessi added.

MH/PA