Economy, Business And Markets

Britain Annuls Part of Sanctions

Britain Annuls Part of Sanctions
Britain Annuls Part of Sanctions

HM Treasury, Britain's economic and finance ministry which maintains control over public spending and set the direction of the country's economic policy, has lifted financial sanctions against several Iranian companies and a businessman, the bank said in a notice released on Friday.

According to the note, an asset freeze no longer applies to Babak Zanjani, a businessman who is now in jail in Iran over alleged economic corruption during the previous government.

Other entities which got rid of the financial sanctions imposed by the British government include Sorinet Commercial Trust (SCT), Sharif University of Technology, National Iranian Tanker Company (NITC), Moallem Insurance Company (MIC) and Sina Bank.        

The notice explained that “these judgments by the General Court of the European Union annul the designations of the above persons under Council Regulation (EU) 267/2012.”

The judgment in respect of Babak Zanjani, SCT, Sharif University and NITC were published on July 3, 2014. The judgment in respect of MIC was published on July 10 and in respect of Sina Bank on June 4.

Also on September 18, a top European court 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 Tehran.

The Court of Justice in Luxembourg ruled that the case against the Iranian central bank from January 2012 was based on confidential evidence from one unidentified member state, against which Tehran could not mount a defense.

The court 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 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.”

Iran and the P5+1 – the five permanent members of the UN Security Council plus Germany – have been negotiating over the past year hoping to reach a comprehensive deal by the November 24 deadline.