Iran bank's UK unit loses sanctions challenge

UK judge Lord Justice Alan Moses ruled that the proper court to decide on the issue was the EU's Court of First Instance.

Iran bank's UK unit loses sanctions challenge
A London-based unit of Iran's largest bank, Bank Melli, failed in a High Court challenge on Wednesday against an asset freeze imposed by the European Union.

Judge Lord Justice Alan Moses ruled that the proper court to decide on the issue was the EU's Court of First Instance.

Bank Melli and its subsidiaries were named in the latest round of sanctions agreed by the EU on June 23 to increase pressure on Tehran to scale back its nuclear programme and abandon enrichment of uranium.

The British unit, Melli Bank Plc, challenged the sanctions, which it said were disproportionate.

Reuters
Last Mod: 09 Temmuz 2008, 16:50
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