EU Court lift sanctions on CBI
By Sara Rajabova
The European Union Court has lifted sanctions on Iran's Central Bank, which had been imposed on a number of Iranian financial institutions and other companies, the Financial Times reported.
The United States and European nations have imposed severe economic sanctions on Iran in recent years accusing it of using nuclear program as a coverage for making nuclear weapons. However, Iran has denied the charges and insists that its nuclear program is for peaceful purposes only.
The Court of Justice lifted the sanctions because of lack of evidence on banks involvement in the financing of any programs to develop nuclear weapons.
It is reported that the decision to freeze the assets of the Bank, issued in January 2012, was based on "confidential evidence from an unnamed EU member state against which Tehran could not put forward the evidence in his own defense."
In late January 2012, the EU adopted a package of restrictive measures against Iran by banning the import, purchase and transport of Iranian crude oil and petroleum products, as well as the related financial and insurance operations. In addition, the sanctions also affected a number of financial institutions.
Iran has received, so far, the frozen assets that were promised as part of November nuclear deal between the country and P5+1 group in Geneva last November. CBI received the $4.2 billion in frozen oil earnings in six tranches.
Currently, CBI is in the process of getting the next installments of frozen assets under the Vienna talks between Tehran and the six major world powers.
The six world powers agreed in July talks to release $2.8bln of Iran's frozen assets in six installments. The amount will be paid to Iran in six parts - four $500-million and two $ 400-million installments, in three-week intervals.
Iran and the six countries are set to resume their negotiations to discuss a final agreement over Tehran's nuclear energy program on September 17. Under the Geneva interim deal, Iran scaled back its nuclear energy program and agreed to the Western demand for more inspections of its nuclear activities. In return the country was provided with partial sanctions relief.
In July, the two sides agreed to extend their discussions until November 24 in an effort to achieve a permanent nuclear deal.