61792
State-owned Rosneft is Russia's largest oil company.
State-owned Rosneft is Russia's largest oil company.

Rosneft Hopes Iran Rulings Will Help it Beat EU Sanctions

Rosneft is challenging the legality of sanctions, saying the General Court set a precedent when it annulled some EU sanctions against Iranian banks

Rosneft Hopes Iran Rulings Will Help it Beat EU Sanctions

Russian oil major Rosneft hopes to benefit from European court rulings that have allowed some Iranian banks to escape from European Union sanctions.
Russia's largest oil firm has been subject to sanctions since 2014, following Russia's annexation of Ukraine's Crimea region. Chief Executive Igor Sechin, a close ally of Russian President Vladimir Putin, is himself under sanctions, Reuters reported.
Sanctions complicate fund-raising for the state-run Rosneft and have prevented western companies from helping it develop deepwater, shale and Arctic oil deposits, including a large venture with Exxon Mobil.
Rosneft is attempting to annul EU sanctions in the European General Court, following a ruling by the European Court of Justice that the matter can be heard in Brussels.
Rosneft is challenging the legality of sanctions, saying the General Court set a precedent when it annulled some EU sanctions against Iranian banks. The decision was later confirmed by the European Court of Justice.
Rosneft said the Iranian banks had successfully challenged sanctions intended to curb Iran's nuclear program because there was no evidence of wrongdoing by the banks.
The General Court had recognized that the banks were not involved in Tehran's nuclear activities, Rosneft said in legal arguments.
Rosneft is hoping to benefit from a similar attitude to sanctions imposed over Ukraine. The oil firm said it had "not committed any illegal actions in any jurisdiction, including Ukraine, and has nothing to do with the Ukrainian crisis".
In 2014, the European Court of Justice struck down an EU decision to freeze the assets of Iran's central bank, a measure put in place to prevent Iran developing nuclear weapons.
Last year, Iran's Bank Mellat also won a case that its assets should not have been frozen. It argued that it was not linked to Iran's nuclear program.
The EU council said it could not comment on the case in the General Court as it was still ongoing. The timing of its ruling was not immediately known.
Sarosh Zaiwalla, a lawyer who represented Bank Mellat in its case against the EU, said there were parallels with Rosneft's position.
"The EU has not been able so far to produce any evidence that Rosneft ... was involved in or supported in any way the conflict in Ukraine," he said.
"In 2016, an EU court ruled that EU sanctions on Bank Mellat were imposed illegally because of lack of evidence of any involvement by Mellat in Iran’s nuclear program," Zaiwalla said.

Short URL : https://goo.gl/EDddhT
  1. https://goo.gl/cfLdIh
  • https://goo.gl/mHtFj2
  • https://goo.gl/HDFUZ8
  • https://goo.gl/XxMFMR
  • https://goo.gl/zw4yAZ

You can also read ...

China Starts World's Biggest Floating Solar Power Project
A unit of China Three Gorges Corp. is building a floating...
Iran has estimated investment requirements in its petroleum projects at $200 billion.
Iran's state oil company is lining up a spate of subcontracts...
UN-Habitat Signs MoU on Tehran Water Management
The United Nations Habitat Office in Tehran signed a...
Investment in the energy sector should be focused on the completion of value chain.
The parliament is ready to back new investments that would...
Iraq Boosts Kirkuk Refinery Output
Iraq’s Oil Ministry has added a new processing unit to the...
Indian Ban on Petcoke Imports Will Hurt US
India’s government is in favor of banning the import of...
Brent, WTI Prices Stable
Oil markets were stable on Monday as ongoing output cuts led...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus