Documents of sanctions losses to be submited to CJEU soon

EghtesadOnline: A senior official at the Bank Tejarat of Iran said on Thursday that a lawsuit filed in the Court of Justice of the European Union (CJEU) for losses Iran sustained during nuclear sanctions, was registered by the CJEU and that necessary documents will soon be handed over to the lawyers of the case.

News ID: ۷۷۳۸۲۵

10 February 2017

Speaking to IRNA, Chief Executive Officer of Bank Tejarat of Iran Mohammad Ibrahim Moqadam restrained to declare the exact amount of the losses arguing that it would somehow affect trade of the bank’s stocks in the stock market.

On January 28, Moqadam announced that the bank has filed a lawsuit in the CJEU to persevere interests of its shareholders and customers.

The official added that the bank has chosen its lawyers for the case and had several meetings with them to prepare documents to be submitted to the CJEU.

Moqadam said that it is expected that the European court will announce its decision in four months.

It took one year and a half for the Bank Tejarat of Iran to win a court ruling against EU in the European Union’s second highest court which cancelled EU sanctions on the Bank Tejarat following the implementation of the landmark nuclear deal also known as the Joint Comprehensive Plan of Action (JCPOA) in January 2016.

The historic agreement was signed between Iran and the world six major powers in July 2015 ending more than a decade of nuclear dispute between the two sides.

Moqadam expressed hope that the CJEU would announce its final verdict sooner.

Bank Tejarat of Iran filed a suit to declare its losses caused by the sanctions in January 23, 2017.

In 2011, the EU imposed sanctions against Bank Tejarat and several other companies and institutes under the pretext of Iran’s nuclear activities but legal actions taken by the bank made the EU court to vote in favor of the Iranian bank and remove it from the list of sanctions.