Iran nuclear: Firms' asset freeze annulled by EU court

BBC ^ | 9/6/2013

[EBH]

The EU's top court has ruled that the EU should unfreeze the assets of seven Iranian banks and other businesses hit by sanctions.

The European Court of Justice (ECJ) said there was insufficient evidence that the businesses concerned were involved in nuclear proliferation.

Post Bank Iran, Iran Insurance Company and Export Development Bank of Iran are among those listed by the ECJ.

EU and US sanctions are aimed at curbing Iran's nuclear programme.

Western powers suspect Iran of trying to develop nuclear weapons, so they have frozen the assets of various Iranian businesses thought to be linked to that programme.

Iran insists that its nuclear technology is solely intended for civilian uses.

Correspondents say the ECJ ruling is a blow to Western efforts to exert pressure on Iran over its nuclear programme.

[Olog-hai]

In the case of Iran, you can always presume guilt in this vein.

[Mouton]

Here you go president LaBombya, forget Syria, send some cruise missiles into these banks’ hqs.

[usconservative]

This is going to make for some interesting interactions between UK based and US based banks. Iran is still a terrorist nation,on the list of US Terrorist Sponsor States and on the OFAC list of sanctioned countries.

I don't see the US position changing here, but it's going to be interesting to see how Iran tries getting "their money" out of the US now that the UK can no longer sanction Iran economically.......

[usconservative]

Here you go president LaBombya, forget Syria, send some cruise missiles into these banks’ hqs.

I work for a large international bank and am very familiar with OFAC sanctions and the European counterparts for our Sanctions. I can assure you the banks in the UK are not going to be happy about this....... they're not the ones you should be advocating dropping bombs on.

[EBH]

I thought it was an interesting turn of events...