European court rules against EU sanctions over Iranian bank

Business Materials 2 March 2013 17:23 (UTC +04:00)

Azerbaijan, Baku, Mar.2 / Trend F.Mehdi/

A European court has canceled the European Council's sanctions against Iranian bank, Sina, IRNA quoted Chairman of the Sina Bank Abdolnasser Hemmati as saying.

Hemmati stressed that the ruling came after a 70-day deadline set by the court for the European Council to ask for a rehearing ended on February 28.

The Luxemburg-based court issued its verdict despite extensive efforts by the European lawyers and legal advisors to uphold the sanctions against the Iranian bank.

The European Union Council ordered sanctions against Sina Bank on July 26, 2010, on the pretext that the bank participated in activities related to Iran's nuclear program.

However, the EU court ruled that the documents and evidence provided by the EU officials against the bank were groundless and unjustifiable in legal terms.