Bank sues EU for loses made during Iran sanctions

An Iranian bank has filed a lawsuit for losses sustained during years of sanctions against the country, the official news agency IRNA reported.

A senior official at the Bank Tejarat of Iran said today that the European Court of Justice (ECJ) registered a case it brought for losses Iran sustained during nuclear sanctions, adding that necessary documents will soon be handed over to the lawyers working on the case.

Speaking to IRNA, Chief Executive Officer of the Bank Tejarat of Iran, Mohammad Ibrahim Moqadam, said that the bank had filed a lawsuit, however he did not declare the exact amount of the losses stating that it would affect thebank’s trade and share price.

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The case was registered on 23 January and the court is expected to announce its decision within four months.

In 2011, the EU imposed sanctions against Bank Tejarat and several other companies and institutes under the pretext of Iran’s nuclear activities but legal actions taken by the bank made the EU court overturn the decision and the bank was removed from the sanctions list.

Sanctions were lifted after the six world powers signed an historic agreement with Iran in July 2015.