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Thursday, 31 January 2013 09:37

EU court annuls ban on Iran Bank Mellat

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

 

According to Press TV, Managing-Director of Bank Mellat Ali Divandari said on Wednesday “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.”

He added “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.”

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

 

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