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Tue Feb 12, 2013, 12:39 AM

EU court rules against Iran Bank Saderat sanctions

Source: Reuters

Date: Monday, February 11, 2013

A European Union court has ruled that the EU should lift sanctions it imposed on Bank Saderat Iran, one of Iran's largest banks, the second such judgment that could complicate Western efforts to increase pressure on the Islamic Republic.

In its ruling on last Tuesday, the EU's General Court said the EU had failed to provide sufficient evidence that Bank Saderat was involved in Iran's nuclear program when the bloc targeted it with sanctions in July 2010.

When the EU imposed sanctions on Bank Saderat, it accused it of providing "financial services for entities procuring on behalf of Iran's nuclear and ballistic missile programs".

The court, however, said the claims were not sufficiently substantiated.

Read more: http://www.iranoilgas.com/news/details2/?type=news&p=current&newsID=10898&restrict=no

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