Source: Tehran Times
A European Union court on Thursday annulled sanctions placed by the 28-nation bloc on National Iranian Tanker Company (NITC), because of its alleged involvement in the country's nuclear program. The European Union has provided insufficient evidence to justify sanctions imposed against the NITC, the General Court said.
Islamic Republic of Iran Shipping Lines
The court annulled in its judgment the European Council decision of 15 October 2012 "concerning restrictive measures against National Iranian Tanker Company", according to the statement which was published on its official website.
The Luxembourg-based court in the case number of T-565/12, orders "the Council of the European Union to bear its own costs and to pay the costs of National Iranian Tanker Company."
The EU had imposed sanctions against the NITC in October 2012.
Justifying the decision, EU governments claimed that the NITC provided financial support to Iran's government.
In response to EU sanctions, NITC officials repeatedly said that the EU arguments were "baseless" and that the company was privatized in 2000 and was owned by three pension funds.
In addition, the poor state of the tanker market meant the company did not have money to spare, the officials stated.
Last month, the EU also amended a key part of its Iranian sanctions package imposed in July 2012 by lifting its ban on the provision of insurance for tankers carrying crude oil from Iran.
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