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EU court annuls sanctions on Iran's Bank Saderat

Source: Press TV

The European Union (EU) has lifted sanctions against the Iranian state-owned Bank Saderat, after Europe's highest court removed it from the list of banned institutions.

The European Council was ordered to remove Bank Saderat from its sanctions list following legal proceedings, a statement by the bank's public relations office said on Wednesday.

The General Court of the European Union consequently ruled that the sanctions imposed against the Iranian bank were illegal, and accepted the bank's request to lift the restrictions.

Last Week, the European Court of Justice also annulled the EU sanctions imposed against Iranian Bank Mellat two and a half years ago.

In December 2012, the Luxemburg-based Court of Justice also 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, it has the right to use nuclear technology for peaceful purposes.

... Payvand News - 02/06/13 ... --

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