ON 3 July 2014 the General Court of the EU (7th chamber) handed down 2 other judgments annulling listings on EU restrictive measures concerning Iran; Case T-157/13 Sorinet Commercial Trust Bankers Ltd v Council and Case 155/13 Babak Zanjani v Council.
The banks were listed in 2012 for the following reasons:
‘Sorinet Commercial Trust (SCT) is assisting designated entities to violate the provisions of the EU regulation on Iran and is providing financial support to the government of Iran. SCT is part of the Sorinet Group owned and operated by Babak Zanjani. It is being used to channel Iranian oil-related payments.’
‘Babak Zanjani is assisting designated entities to violate the provisions of the EU regulation on Iran and is providing financial support to the government of Iran. Zanjani is a key facilitator for Iranian oil deals and transferring oil-related money. Zanjani owns and operates the UAE?based Sorinet Group, and some of its companies are used by Zanjani to channel oil-related payments.’
The 2 judgments are very similar and (like some other recent Iranian judgments) annul the listings for a lack of evidence to support the published reasons. The following points are notable:
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