EU lifts sanctions against Iran’s leading oil tanker firm

PanARMENIAN.Net - European Union sanctions against Iran’s leading oil tanker firm were dissolved on Tuesday, Oct 7, — at least temporarily — after the union failed to appeal a court ruling which annulled them, The Times of Israel reported.

The sanctions, imposed in 2012, prevented any dealings between the EU and the National Iranian Tanker Company, but the NITC argued in a Luxembourg court that it was privately owned and not tied to the Iranian government, and thus should be exempt from punitive measures. The court accepted this position in July, giving officials two months to appeal its ruling — something they did not do, the report says.

“We are relieved to see the lifting of these sanctions,” NITC’s managing director Ali Akbar Safaei said. “We have always enjoyed good business relationships with our EU partners and look forward to resuming those now this difficult period has come to an end.”

But an EU official said efforts were still being made to reverse the decision.

“The time for appeal had elapsed, but work is still ongoing on remedial action for maintaining the entity on the list” of sanctioned companies, the official said.

However, as Reuters reports, the company still remains on the U.S. government's sanctions list. Shipping and insurance officials have said this will mean the company will still struggle to secure international insurance cover given the restrictions. Banks and other service providers will also be unlikely to risk any exposure which could threaten access to bigger U.S. markets.

Inspectors from the UN’s atomic watchdog met Iranian officials in Tehran Tuesday over efforts to gain access to nuclear facilities, a day after reports emerged of a deadly blast at a suspected nuclear site.

An International Atomic Energy Agency delegation, headed by deputy director general and head of the department of safeguards Tero Tapio Varjoranta, was to hold fresh talks with Iranian officials to discuss oversight measures of Iran’s nuclear program, widely believed to be for weaponization purposes.

Diplomats said last week that inspectors will continue to lobby for greater access to suspected nuclear facilities.