EMEA News
Court Ruling May Lift EU Sanctions on Iranian Shipping Companies
The European Union's (EU) General Court Thursday ruled against sanctions imposed by the EU on a number of Iranian shipping companies and one of the country's banks, The Wall Street Journal reports.
If the ruling stands, sanctions currently in force on Islamic Republic of Iran Shipping Lines (IRISL) will be lifted.
IRISL subsidiaries, including IRISL Maritime Training Institute, Kish Shipping Line Manning Co., and IRISL Mulitmodal Transport Co., as well as Bank Tejarat would also be free of the sanctions.
However, the court has reportedly given the EU's executive body comprising heads of government of its member states, the European Council, two months and 10 days to re-list the companies for sanctions or appeal the decision.
According to the report, the EU has a track record of appealing or re-listing companies on new grounds where its sanctions are ruled against by the General Court.
The General Court is said to have included in the reasoning for its ruling that the European Council had failed to detail what it says is confidential information pertaining to the listing of the companies.
It is understood that rule changes are being considered that may allow information to be submitted to the court confidentially in future, rather than shared with those involved on both sides of a case.
In August, Iran unexpectedly halted its exports of 380 cSt fuel oil, which make up around a fifth of monthly sales of the fuel at major bunkering hub Fujairah.
