European Court of Justice Lifts Sanctions on Bank Tejarat of Iran

On Thursday, January 22, a high court of the European Union lifted sanctions imposed by 28 member states against Bank Tejarat and entities affiliated with the Islamic Republic of Iran Shipping Lines. According to the Associated Press, this ruling was issued after the European Union failed to justify its decision to freeze the assets and financial resources of Bank Tejarat. The report states that the European court did not receive sufficient evidence regarding the bank's support for the proliferation of nuclear weapons or its role in circumventing sanctions imposed against Iran. In its second ruling, the European Court also stated that the Union had failed to prove that 'Ocean Capital Administration' and other companies affiliated with the Islamic Republic of Iran Shipping Lines supported the proliferation of nuclear weapons. Last September, the European Court had also ruled to lift sanctions against the Islamic Republic of Iran Shipping Lines and 17 of its affiliated companies. The European Union had two months to appeal this decision. The mentioned sanctions were imposed in three rounds during the years 2010 and 2012 against these companies. Last September, the General Court of the European Union also ruled that the Union must lift its sanctions against seven Iranian companies and banks, including Iran Post Bank, Iran Insurance, Good Luck Shipping, Export Development Bank, Persia International Bank, Workers' Welfare Bank, and the Marine Engineering and Construction Company. The European Court has lifted sanctions against Iranian banks, companies, and entities several times, but the European Union has not yet officially removed these entities from the sanctions list. In the most recent case, on September 18 of this year, the European Court ruled to lift sanctions against the Central Bank of Iran, which had been placed on the sanctions list by the European Union in January 2012. It is estimated that less than $10 billion of the Central Bank of Iran's assets are blocked in the European Union. The sanctions against the Central Bank of Iran have also cut Tehran off from the international financial transfer system, SWIFT. In this context, the European Court lifted sanctions against the National Iranian Tanker Company and Babak Zanjani. The United States added nine individuals and companies to its list of sanctions against Iran.