EU reinstates sanctions on Iranian bank and 32 shipping companies

Published April 8th, 2015 - 01:29 GMT
Sanctions on Iran will only be lifted after a final deal is brokered, which the six powers and Iran aim to reach by June 30. (Image: File photo)
Sanctions on Iran will only be lifted after a final deal is brokered, which the six powers and Iran aim to reach by June 30. (Image: File photo)

Iranian Bank Tejarat and 32 Iranian shipping companies will be subject to EU sanctions with immediate effect, after measures were thrown out by a European court, Reuters reports.

The EU's second-highest court annulled a EU asset freeze on Bank Tejarat and 40 Iranian shipping companies in January, finding fault with the legal grounds given by the EU. As with previous cases, the EU responded by re-listing the sanctioned Iranian companies, including Hamburg-based Ocean Capital Administration GmbH, on the basis of new legal grounds.

The EU said the bank "provides significant support to the Government of Iran by offering financial resources and financing services for oil and gas development projects", Reuters reports. The 32 shipping firms are owned by Islamic Republic of Iran Shipping Lines and have previously been put under sanctions.

The re-imposed sanctions come days after the framework agreement was reached in Switzerland. The agreement paves the way for continued dialogue, intending to allay Western fears that Iran wants to build an atomic bomb and in return for lifted economic sanctions on the Islamic Republic.

The re-imposed sanctions are a sign that the 28-nation bloc will maintain economic pressure on Iran, until a final deal regarding Iran’s contentious nuclear program is sealed. Sanctions on Iran will only be lifted after a final deal is brokered, which the six powers and Iran aim to reach by June 30.

 

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