7 Sep 2013

End to EU freeze of Iranian assets ordered by court

10:01 am on 7 September 2013

The European Court of Justice has ruled that the EU should end a freeze on the assets of seven Iranian banks and other businesses hit by sanctions.

The Court said on Friday there was insufficient evidence that the businesses concerned were involved in nuclear proliferation.

Post Bank Iran, Iran Insurance Company and Export Development Bank of Iran are among those listed by the Court.

European and US sanctions are aimed at curbing Iran's nuclear programme. But Iran insists that it is solely intended for civilian use.

The BBC reports EU Council members have two months within which to appeal against the ruling. For the time being the asset freeze will remain in place, the Court said in a statement.

Other businesses that come under the ruling are: Good Luck Shipping, Persia International Bank, Iranian Offshore Engineering & Construction Co, Bank Refah Kargaran and one individual - Naser Bateni, manager of the Hanseatic Trade Trust & Shipping (HTTS), based in Hamburg.