No announcement yet.

Eu Court Annuls Sanctions On Iranian Bank Mellat

  • Filter
  • Time
  • Show
Clear All
new posts

  • Eu Court Annuls Sanctions On Iranian Bank Mellat

    Wed Jan 30, 2013 2:14PM

    Europe's highest court has annulled the European Union (EU) sanctions
    imposed against the Iranian Bank Mellat two and a half years ago.

    "After two and a half years of intense legal work to lift the [EU]
    sanctions on the bank, [the European] Court [of Justice] has ruled in
    favor of Bank Mellat," Managing-Director of Bank Mellat Ali Divandari
    said on Wednesday.

    "The Court has also required the [European] Union to cover the costs
    of [legal] procedures...and found Bank Mellat deserving of receiving
    all legal expenses as well as compensation from the EU for losses
    incurred because of these sanctions," he added.

    Divandari said vague reasons were used by the EU in July 2010 to
    impose sanctions against Bank Mellat.

    "Given the unanimity-based laws governing the European Court of
    Justice, I am confident that this outcome will positively affect
    the legal action taken by other banks and economic institutes of the
    country," he said.

    In December 2012, the Luxemburg-based court had ordered the EU to
    lift its sanctions against Iranian private bank, Sina.

    At the beginning of 2012, the United States and the 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. The sanctions entered
    into force last summer.

    On October 15, 2012, the EU foreign ministers reached an agreement
    on another round of sanctions against Iran.

    The illegal US-engineered sanctions were imposed based on the
    unfounded accusation that Iran is pursuing non-civilian objectives
    in its nuclear energy program.

    Iran rejects the allegation, arguing that as a committed signatory to
    the Non-Proliferation Treaty and a member of the International Atomic
    Energy Agency (IAEA), it has the right to use nuclear technology for
    peaceful purposes.