According to Reuters, Bank Mellat, Iran’s largest private bank, has filed a claim against the UK government for up to £2 billion in damages after the Supreme Court annulled sanctions imposed against it over alleged connections with Iran’s nuclear programme. As a result of the sanctions, Bank Mellat claims that it has suffered significant pecuniary loss and reputational damage, as well as loss of profitable business, customers, banking relationships and dealing services.

The European Union’s General Court also annulled the sanctions against Bank Mellat on the ground that the Council of the European Union failed to provide sufficient information to support its allegations. However, an appeal is currently pending in the European Court of Justice and Bank Mellat’s European operations remain closed.

Reuters article regarding this issue