Iran’s Finance Minister Masoud Karbasian has been sacked after MPs voted to oust him from government in a parliamentary poll.

The motion to remove the finance was successful, with 137 MPs voting in favour against 121 that opposed the motion.

Tehran is facing numerous economic problems as a result of US President Trump’s decision to scrap the nuclear agreement reached in 2015 and impose heavy sanctions on the Iranian economy. The first round of sanctions came into force on 6 August, with the next round, which includes oil sanctions, due to come into force in the first week of November.

The reimposition of sanctions has had a major impact on the value of the Iranian rial, which has lost half of its value.

A number of major European companies which had re-entered Iran following the 2015 agreement have recently suspended or cancelled operations and planed projects as a result of the snap-back in US sanctions.

In recent weeks, Germany’s Daimler, which produces Mercedes Benz cars and vans, announced it would be pulling out of Iran as a result of the sanctions. The group had signed a letter of intent (LoI) with Iran Khodro Diesel (IKD) and the Dubai-based Mammut Group for the local production of Mercedes-Benz trucks and power train components.

In July, France’s Total revealed it would be pulling out of its $1bn contract to develop the South Pars gas field. The French energy firm had signed the contract to develop the field, seen as a key project to Iran’s economic development, in July 2017.