EU lifts sanctions against Iran Insurance Company
Azerbaijan, Baku, Oct.26/ Trend F.Karimov/
The European Union has lifted sanctions against Iran Insurance Company, ISNA quoted Managing Director of the company Javad Sahamian Moqaddam as saying.
We followed up the case legally and held a number of hearings in Europe, he said, adding that a rehearing court will be held in the near future.
On September 6, the European Union court ruled that the EU should lift sanctions it imposed against seven Iranian companies, dealing a new blow to Europe's efforts to use economic pressure to rein in Tehran's disputed nuclear work, Reuters reported.
The ruling, which can be appealed, follows similar decisions earlier this year against sanctions imposed on two of Iran's largest banks.
It covers: Post Bank Iran, Iran Insurance Company, Good Luck Shipping, Export Development Bank of Iran, Persia International Bank, Iranian Offshore Engineering and Construction Co and Bank Refah Kargaran.
Governments in Europe and the United States hope that 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.
The General Court, Europe's second highest court, said that the EU failed to produce sufficient evidence about that the listed companies were involved in the atom work.