Tejarat Relisting Challenge Denied

EghtesadOnline: The General Court of the European Union has dismissed Tejarat Bank’s challenge to an EU decision to relist it back in 2015.

News ID: ۷۷۵۱۲۲

03 April 2017

Tejarat Bank’s original listing was annulled in January 2015, but was re-imposed in April 2015.The court has said its relisting was not essentially unlawful because it was based on the fact that it supports the Iranian government by offering financial resources and services for oil and gas development projects, which is a significant source of government funding, Europesanction.com reported. EU sanctions had been imposed on Tejarat Bank as well as over two dozen Iranians over allegations that they were involved in the development of Iran’s nuclear energy program. In January 2015, the General Court of the European Union scrapped the sanctions against Tejarat Bank on the grounds that the EU had not presented any justification for freezing the bank’s assets and economic resources. However, the EU in March 2015 re-imposed the sanctions by using what it described as “new legal grounds”, Financial Tribune reported.