Iran vows clawback if US spikes $16.6 billion Boeing sale

777 Boeing Airplane
Source: Boeing

Iranian officials have suggested Iran would claw back any lost money if President-elect Donald Trump attempts to reverse a deal with U.S. plane manufacturer Boeing.

Iran inked a $16.6 billion agreement for 80 Boeing passenger jets on Sunday 11 December, marking the first major business agreement between a U.S. company and the Islamic Republic.

Both Boeing and Iran are keen to seal the deal before the inauguration of Donald Trump, given his skepticism over a recently agreed nuclear accord with Iran.

Iranian officials told reporters Sunday that if Trump or the U.S. Congress disrupted the deal, Iran would seek to recover lost payments.

"Both they (Boeing) and we were willing to reach the conclusion sooner, and fortunately it took place before the new government (in the U.S. takes office)," Farhad Parvaresh, the chief executive of state-owned carrier Iran Air, told reporters Sunday.

"Both sides are committed, and there are scenarios in the contracts for violation of commitments or in case of force majeure to deal with those cases," he said.

Iran seals $17 billion Boeing deal

The U.S. House of Representatives passed a bill last month seeking to restrict financial transactions by U.S. banks in an effort to block the sale of Western passenger jets to Iran.

However, Iranian officials told reporters Sunday they remained confident of securing the necessary finance.

The deal between IranAir and U.S. planemaker Boeing includes 50 narrow-body 737 MAX aircraft and 30 long-haul 777s.

A Boeing statement earlier this month said the Iranian contract would support tens of thousands of U.S. jobs for the 777-300ER jets and nearly 100,000 U.S. aerospace jobs for the whole package.

Boeing said the first airplanes under this agreement are scheduled for delivery in 2018 although the Wall Street Journal reported that the deal does remain subject to final sign-offs from both Washington and Tehran.