The European Union Announced the Implementation of Sanction Lifts for Several Iranian Companies

On Tuesday, coinciding with the anniversary of the signing of the nuclear agreement with Iran, known as the JCPOA, the Council of the European Union officially announced the implementation of the lifting of sanctions against a number of Iranian individuals and companies. This statement, published on the official website of the Council of Europe on Tuesday, January 17, lists the companies that have had their sanctions lifted. Some of these companies operate in the oil and gas sector, including the Oil Industry Pension Fund Investment Company (OIPF), Petropars Operations and Management Company, Petropars Engineering and Resources Company, and Iran Liquefied Gas Company. The announcement of the lifting of sanctions against the Oil Industry Pension Fund Investment Company is particularly significant due to its role and impact on investments in Iran's oil industry. Other companies mentioned in the EU Council's announcement include Teacher Insurance Company and Iran Aluminum Company (Iralco). Additionally, Neka Novin Company, West Sun Trading Company (registered in Germany), Nikisa Power Company, and Hansiatik Trading and Shipping Company are also listed as having their EU sanctions lifted. The London branch of Export Bank is among the entities removed from the sanctions list. Previously, in November, the UK Treasury had officially lifted sanctions against Export Bank of Iran and released its frozen assets. Export Bank was one of seven Iranian banks and institutions subject to EU sanctions, which managed to obtain a ruling for the lifting of those sanctions in the European Court in September 2013. Post Bank, Export Development Bank, Iran Insurance Company, Iran Marine Engineering and Construction Company, Workers' Welfare Bank, Persia International Bank, and Good Luck Shipping Company, affiliated with the Islamic Republic of Iran Shipping Lines, had also received rulings for the lifting of sanctions that year. The European court's reasoning for issuing the ruling to lift sanctions was the insufficiency of evidence and documentation from the sanctioning parties against these banks and institutions. The majority of Iranian companies mentioned in the EU Council's statement have been subject to EU sanctions between 2010 and 2012. At that time, American officials expressed concern over the issuance of these rulings in European courts. Some of these companies had previously filed lawsuits in European courts against the imposition of these sanctions and had managed to obtain rulings against them. These companies had filed complaints in European courts in 2014 and 2015 and had received rulings for the lifting of sanctions, but it seems that the implementation and announcement of the lifting of sanctions against these companies have been delayed until the anniversary of the JCPOA signing. The former CEO of Teacher Insurance Company had announced the lifting of sanctions against this insurance company in one of the European courts in July 2014. Among the major shareholders of Teacher Insurance Company are the Islamic Republic of Iran Shipping Lines Investment Company, Export Bank of Iran, Export Development Bank brokerage, and Cultural Investment. Nasser Bateni, the former CEO of the Islamic Republic of Iran Shipping Lines, is the only individual mentioned in this announcement regarding the lifting of sanctions against him. Nasser Bateni had also managed to obtain a ruling for the lifting of sanctions from a European court in September 2013. With the signing and implementation of the Joint Comprehensive Plan of Action (JCPOA), the process of lifting some sanctions related to Iran's nuclear program began on January 16, 2016. The effects and consequences of the JCPOA, as well as the fulfillment of obligations by the parties to this agreement, especially the American side, are among the most important political disputes in Iran. Critics among the principlists accuse Rouhani's government of being deceived in signing and implementing the JCPOA, emphasizing that the expectations of Iranian society have not been met following the signing and implementation of the JCPOA. Hassan Rouhani, the President of Iran, in a press conference held yesterday on the anniversary of the implementation of the JCPOA, sarcastically advised critics who claim that the JCPOA has had no impact on Iran's economy to wear glasses to see these effects and consequences. In this context, the United Nations has called for the continued implementation of the JCPOA, while the Iranian Foreign Ministry stated that Donald Trump's remarks have affected the JCPOA's progress.