EU court scraps sanctions against Iran bank

SHAFAQNA – A top European court has scrapped the sanctions imposed by the European Union against Iran’s Bank Tejarat.

The General Court on Thursday struck down the illegal sanctions that the 28 members of the European bloc had imposed against Bank Tejarat, The Associated Press reported.

The court said the EU has not presented any justification for freezing the assets and economic resources of the Iranian bank.

The court, in a separate ruling, also annulled the bans on Ocean Capital Administration, an Iranian shipping line, and a number of other companies linked to the Islamic Republic of Iran Shipping Lines (IRISL).

The sanctions had been imposed on the Iranian bank and the companies over allegations that they had a role in the development of Iran’s nuclear energy program and circumvented US-led illegal sanctions against the Islamic Republic of Iran.

In late 2014, the Luxembourg-based Court of Justice annulled restrictions imposed by the EU against the Central Bank of Iran (CBI).

“The reasons relied on are so vague and lacking in detail that the only possible response was in the form of a general denial,” the court ruled, adding that “those reasons therefore do not comply with the requirements of the case-law.”

The court also ordered the European bloc to “bear one half of its own costs and to pay one half of the costs of Central Bank of Iran.”

At the beginning of 2012, the US and EU imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

In October 2012, EU foreign ministers reached an agreement on another round of sanctions against Iran.




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