Iranian Bank Loses Bid For €89M In EU Sanctions Appeal

Law360, London (June 5, 2019, 10:50 PM BST) -- The Council of the European Union’s error in putting the U.K. unit of Bank Saderat Iran on a sanctions list was not a “flagrant” breach of the bloc’s law and so it is not liable for €88.9 million ($99.8 million) damages claimed by the bank, an EU court ruled Wednesday.

The General Court of the European Union has dismissed Bank Saderat PLC’s claim against the Council for damages allegedly sustained after it was put on a list of persons and entities subject to EU sanctions.

The bank’s designation — which led to the freezing of its funds and economic resources —...

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