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EU court rescinds Iran central bank sanctions

Press TV – September 18, 2014

A top European court has struck down restrictions imposed by the European Union against the Central Bank of Iran (CBI) on an alleged charge of circumventing US-led sanctions against the Islamic Republic.

In a judgment on Thursday, the Luxembourg-based EU’s Court of Justice said it “annuls… the EU March 23, 2012 [ruling] concerning restrictive measures against Iran in so far as it listed Central Bank of Iran.”

“The reasons relied on are so vague and lacking in detail that the only possible response was in the form of a general denial,” the court ruled on Thursday, adding that “those reasons therefore do not comply with the requirements of the case-law.”

It said the charge leveled against the CBI is “insufficient in the sense that it does not enable either the applicant or the Court to understand the circumstances which led the [European] Council to consider…to adopt the contested act.”

The court also ordered the 28-nation European bloc to “bear one half of its own costs and to pay one half of the costs of Central Bank of Iran.”

At the beginning of 2012, the US and EU imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

On October 15, 2012, the EU foreign ministers reached an agreement on another round of sanctions against Iran.

Iran and the five permanent members of the UN Security Council plus Germany reached an interim deal in the Swiss city of Geneva last November, according to which the six countries accepted to ease sanctions against Iran in return for the Islamic Republic limiting certain aspects of its nuclear activities. The deal came into effect on January 20 and expired on July 20. The two sides then agreed to extend the duration of the agreement until November 24.

The two sides are scheduled to resume talks on Friday to discuss removal of sanctions against Tehran.

September 18, 2014 - Posted by | Economics | , ,

5 Comments »

  1. What a strange reference….”A top European court”……
    The European Union’s Court of Justice is THE highest court on the European Continent as far as it concerns the European Union, a cooperation of 28 countries, consisting of over 400 million individuals, were the same Court has, as it shows, the power to get rid of any rule or decision made by the European Commission (in fact being the Government of the European Union!) as well as of any rule or decisions of and by the European Parliament, AND the National Governments and National parliaments (of the member states of the European Union).

    Referring to the High Supreme Court (so to speak), it even can and does overrule the decisions of National Supreme Courts mind you, as “A top European court” sounds a bit like referring to the Supreme Court of the USA as a court among a number of courts, were it in fact is the Highest Court of the USA!

    As to the decision itself, it makes the European Union (and thus its member states) leave the path of the “directives” forced upon the world by the USA!

    It means in fact that although the USA puts sanctions on dealings with Iran, the European Union Member States do not automatically follow them……… and that punishments by the USA of parties that do deal with Iran will be “out-of-line” with the law within the European Union!

    It means that the sanctions by the USA on dealings with Iran are in fact only valid for the parties in the USA, and no longer for parties outside the USA!

    A victory for independence of Europe, from USA directions!

    Comment by masteradrian | September 18, 2014 | Reply

    • Of course this ruling only applies to sanctions against dealing with the Central Bank of Iran.

      Comment by aletho | September 18, 2014 | Reply

      • I have not sen the exact wordings of the ruling (yet), but as economical activities of companies in Iran are often dealth with through the Iran Central Bank (by their local banks) because/when it involves international transactions, it could be that the effects can be rather significant!

        Comment by masteradrian | September 18, 2014 | Reply

        • Yes, if I recall correctly, this was the problem in purchasing medications, how to effect payment.

          Comment by aletho | September 18, 2014 | Reply

          • Indeed, as payments, as all international financial dealings, are going through the Iranian Central Bank, also because of the international sanctions…… so it is understood!

            Comment by masteradrian | September 18, 2014 | Reply


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