Reports are trickling from Europe that the European General Court has ordered the European Union Council to annul sanctions against Bank Mellat. The sanctions were imposed in 2010 following allegations that the bank was associated with Iran’s alleged nuclear weapons program. The opinion is not yet published on the ECJ’s website. Notably, the EU still has broader limits in place against the activities of Iranian banks in general, so it remains to be seen what the impact of this decision will be. If Bank Mellat is able to resume its activities in the EU it will be a huge coup for the bank and for the Iranian government.
Read the Reuters report here.