The General Court of the European Union (the “EGC”) has ruled in favour of Moallem Insurance Co. (“Moallem”), granting its application to have annulled the asset freeze imposed on it pursuant to Council Regulation (EU) No. 267/2012, as amended, and Council Decision 2010/413/CFSP, as amended. Moallem had been listed on the grounds that it was the main insurer of the Islamic Republic of Iran Shipping Lines. The EGC annulled Moallem’s listing on the ground that the European Council had not provided sufficient evidence to support the designation.
Separately, the EGC has ruled against the National Iranian Oil Company’s (“NIOC’s”) application to have its listing annulled. NIOC is listed because it is said to be an entity owned and managed by the Iranian state. The EGC rejected all of NIOC’s grounds of challenge.