All subsidiaries of Iran shipping line still under sanctions

Business Materials 13 May 2015 08:07 (UTC +04:00)

Baku, Azerbaijan, May 12

By Fatih Karimov - Trend:

All subsidiaries of the Islamic Republic of Iran Shipping Lines (IRISL) are still under sanctions, said Mohammad Hossein Dajmar, the managing director of IRISL.

"For the time being, our trade is mostly with China, Korea, Taiwan, and Malaysia," Iran's ISNA news agency quoted Dajmar as saying on May 12.

Under the regime of sanctions, IRISL ships are not allowed to sail toward European countries, Australia, and Canada, he added.

Once the sanctions are lifted, foreign trade will rise significantly, he said, adding that Germany was IRISL's leading trading partner, but currently China and India are the leading trading partners.

Dajmar said in April that no new sanctions have been imposed on IRISL.

He added that despite the existing sanctions against IRISL, the volume of shipments has increased.

Many of IRISL ships have changed their destination from Europe to East Asia, especially China and India, over recent years, he noted.

In January, EU's second highest court annulled sanctions on 40 shipping companies and an Iranian bank, which had been hit with asset freezes as part of pressure on Tehran. The General Court struck down the sanctions, saying the EU had not given valid reasons for saying that IRISL was supporting nuclear proliferation.

On April 8, the EU's Official Journal reported that the European Union has restored sanctions on an Iranian bank and 32 shipping companies, days after an agreement on Tehran's nuclear program was reached.