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General Court annuls EU sanctions on Iran's Mellat Bank

Source: Tehran Times

The General Court annulled on Tuesday the asset freeze imposed on the Mellat Bank of Iran, which had been designated by the EU Council in July 2010 on the alleged charge of engaging in a pattern of conduct which supports Iran's nuclear program.

Mellat Bank

In an interview with ISNA, Mellat Bank's Managing Director Ali Divandari said that the EU should compensate the bank for losses it has suffered as a result of the illegal ban.

The Court first found that the Council had violated the Bank's procedural rights in a number of respects, including by giving reasons which were excessively vague and by failing to provide access to evidence, according to the General Court website.

More importantly the Court held that the Bank had not provided support for Iran's nuclear program including by virtue of its provision of services.

The United States and its allies have repeatedly accused Iran of pursuing non-civilian objectives in its nuclear energy program.

Over the false allegation, Washington and the European Union have imposed illegal unilateral sanctions against the Islamic Republic.

Iran refutes the allegations and argues that as a signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it is entitled to develop and acquire nuclear technology for peaceful purposes.

... Payvand News - 01/31/13 ... --

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