15 September 2013

ECJ: EU must unfreeze assets of Iranian banks and companies

The General Court of the European Union held that the European Union must unfreeze the funds of a number of Iranian banks,┬ácompanies and one individual┬áthat were hit by EU sanctions, aimed at restraining Iran’s nuclear programme.

The Court held that there was not enough evidence that these banks and corporations were involved in nuclear proliferation. Asset freezes imposed on two banks (e.g. Bank Melli Iran, Iran’s biggest bank) were however found to be justified by the Court.

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Source: BBC | Iran nuclear: Firms' asset freeze annulled by EU court
Source: General Court of the European Union | PRESS RELEASE No 99/13 | Luxembourg, 6 September 2013

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