European Court Says Iran’s Bank Mellat Was Unfairly Sanctioned

February 18, 2016


Asa Fitch


Wall Street Journal

The European Union's highest court ruled on February 18 that Bank Mellat, Iran's largest privately-owned bank, had been improperly sanctioned by the European Union in 2010.  The European Court of Justice found insufficient evidence to support the contention that Bank Mellat was involved in Iran's nuclear and ballistic missile programs.  The EU removed sanctions on Bank Mellat in January following the implementation of the nuclear agreement with Iran, but the court's decision, which cannot be appealed, could allow a claim for damages.