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News number: 9107126315

19:39 | 2012-12-11

Economy

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Court Orders EU to Strike off Iranian Bank from Sanctions List

TEHRAN (FNA)- The European Union's highest judicial authority overturned the union's sanctions against Iran's Bank Sina.



"On December 11, EU Court Judge Irena Pelikanova (from the Czech Republic) informed the EU and Sina Bank lawyers of the verdict she issued after 20 months of precisely studying the causes of the sanctions against the bank and the documents presented at court's hearing sessions," the bank's managing-director Abdolnasser Hemati said.

The EU court's verdict comes despite extensive efforts by EU's lawyers and legal advisors to maintain the sanctions.

The European Union Council had ordered sanctions against Sina Bank on July 26, 2010, but the EU Court ruled on Tuesday that the documents and evidence provided by the union officials against the bank were groundless and unjustifiable in legal terms.

According to the court ruling, the EU's measures against Sina Bank have violated the bank's basic rights.

Hemati thanked the presiding judge (Irena Pelikanova) for her fair work and approach.

After the UN Security Council ratified a sanctions resolution against Iran on June 9, 2010, the United States and the European Union imposed further unilateral sanctions against the Islamic Republic over its nuclear program, mostly targeting the country's energy and banking sectors.

Tehran has always dismissed West's pressures and stressed that sanctions and embargos merely consolidate Iranians' national resolve to continue the path of progress.