EU court annuls sanctions on Iranian bank, shipping companies
By Sara Rajabova
European Union’s high court has annulled sanctions imposed on an Iranian bank and shipping lines and companies linked to it.
The General Courtstruck down on January 22 the sanctions that the 28 members of the European bloc had imposed against Bank Tejarat, The Associated Press reported.
This comes as the International Atomic Energy Agency has confirmed Iran’s commitment to an interim nuclear deal it signed with the P5+1 group in 2013, i.e. enrichment is maintained at a level of 5 percent.
The monthly update report by the IAEA indicated that the Islamic country had not made "any further advances" in its activities at the country’s enrichment facilities and at Arak heavy water reactor.
The General 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).
In late 2014, the Luxembourg-based Court of Justice annulled restrictions imposed by the EU against the Central Bank of Iran (CBI).
The EU's freeze extension incorporates suspension of sanctions on oil transport insurance, trade in gold, precious metals and petrochemical products. The bloc also raised a ceiling on financial transfers not related to remaining sanctions.
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 over its nuclear program.
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Sara Rajabova is AzerNews’ staff journalist, follow her on
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