On 3 October 2014, five Iranian entities and one individual were removed from the EU sanctions list under Council Regulation (EU) 267/2012. The six parties won their de-listing court challenges earlier this year and the Council of the European Union did not appeal against the judgments within the two-month time frame allowed for such appeals. Therefore, the de-listings have come into effect and asset freezes against those parties are no longer in force.
The five entities and one individual that won their court challenges and are no longer designated are: (1) National Iranian Tanker Company, one of the world’s largest operators of double-hulled tankers for oil and gas transport; (2) Sharif University of Technology; (3) Sorinet Commercial Trust; (4) Sina Bank; (5) Moallem Insurance Company; and (6) Mr. Babak Zanjani.
For further information on the judgments, see Issue 23 of our Sanctions Alert.