Expert: Up to shippers, clients to decide whether to deal with Iranian shipping

Business Materials 17 September 2013 17:24 (UTC +04:00)

Azerbaijan, Baku, Sept. 17 / Trend, S. Isayev

Iranian entities may no longer be sanctioned but it will be a decision of ports, shippers and clients whether they want to do business with them, Senior fellow at Nanyang Technological University's S. Rajaratnam School of International Studies, James M. Dorsey told Trend.

The expert was commenting on the recent news regarding the European court lifting EU sanctions against leading Iranian shipping company.

It should be reminded that on Tuesday, the Court of Justice decided to lift the sanctions against Iran's biggest shipping line IRISL, explaining that the EU has not provided evidence of its complicity in the alleged Iranian program to develop nuclear weapons, RIA Novosti reported with the reference to EUobserver.

"That decision will largely be determined by an assessment of whether doing business violates US law and sanctions," Dorsey noted.

"This is also true for insurance companies that would be asked to insure shipments," he said.

Earlier, the European court overturned the freezing of assets imposed on seven Iranian financial institutions and other companies. By the resolution of the court assets of the banks Post Bank Iran, the Export Development Bank, Persia International Bank and Bank Refah Kargaran are being unfrozen, as well as insurance company Iran Insurance Company, a shipping company Good Luck Shipping and Construction Company Iranian Offshore Engineering & Construction.

Governments in Europe and the United States are hoping sanctions against such companies will make it more difficult for Tehran to fund its nuclear program, which they fear is designed to give Iran the capability to build bombs.

Iran denies having such intentions and says it needs nuclear power for energy generation and medical research.