EU Court Drops Sanctions against Irans Shipping Firms

zoom The EU General Court has annulled the EU sanctions against an Iranian bank and 40 shipping companies whose assets were frozen within restriction measures targeting Tehrans nuclear program. Sanctions against Bank Tejarat have been scrapped as, according to the ruling, the EU failed to prove the banks involvement in financing the nuclear program or helping others to avoid sanctions. The commercial bank, previously owned by the state, was privatized in 2009. In addition, the court said that companies linked to the Islamic Republic of Iran Shipping lines (IRISL) have not been proven to had been involved in supporting nuclear proliferation either. The 40 shipping companies involved in the case include Hamburg-based Ocean Capital Administration GmbH, Kerman Shipping Co. Ltd, Woking Shipping Investments Ltd, established in Valetta, Malta among others. The EU has been given right to appeal the ruling reached on Thursday, January 22nd. The sanctions will remain in place until the appeal process is over, when a decision should be made whether another type of legal sanctions would be introduced. World Maritime News Staff