Thu Feb 9, 2017 11:36AM
Iran’s Bank Tejarat says it will soon submit documents to the Court of Justice of the European Union (CJEU) regarding the damages it has suffered as a result of EU sanctions.
Iran’s Bank Tejarat says it will soon submit documents to the Court of Justice of the European Union (CJEU) regarding the damages it has suffered as a result of EU sanctions.

Iran’s Bank Tejarat says it will soon submit documents to the Court of Justice of the European Union (CJEU) regarding the damages it has suffered as a result of EU sanctions.

The announcement was made by Mohammad-Ebrahim Moqaddam, the governor of Bank Tejarat. 

In an interview with Iran’s IRNA news agency, Moqaddam said he could not specify the exact amount of the damages as this could undermine the bank’s share prices in the Tehran Stock Exchange (TSE).

He added that Bank Tejarat had briefed the attorneys of the case for the past several days, stressing that a final ruling could be issued within the next four months. 

Last month, Moqaddam said a lawsuit had been filed against the EU at the CJEU for the losses it incurred as a result of several years of sanctions by the Union.

He emphasized that that the lawsuit was based on damage assessments that had been carried out by a group of international accounting and auditing experts.

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EU sanctions had been imposed on Tejarat Bank as well as over two dozen Iranians over allegations that they were involved in the development of Iran’s nuclear energy program and had circumvented the US-led sanctions against the Islamic Republic.

In January 2015, the General Court of the European Union scrapped the sanctions against Tejarat Bank on grounds that the EU had not presented any justification for freezing the assets and economic resources of the bank.

However, the EU later in March 2015 re-imposed the sanctions by using what it described as “new legal grounds”.

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The sanctions against Bank Tejarat were removed in January 2016 after a key nuclear deal that Iran had sealed with the five permanent members of the Security Council plus Germany  - the so-called P5+1 – came into effect.

The deal envisaged the removal of certain economic sanctions against Iran – including those against its banking sector – in return for steps by the Islamic Republic to restrict certain aspects of its nuclear energy activities.