Iranian Bank Loses Bid For €121M Damages For EU Sanctions

Law360, London (October 6, 2020, 4:35 PM BST) -- The European Union's top court on Tuesday rejected an Iranian bank's bid for €121 million ($142 million) in damages from the EU after its funds were frozen under nuclear sanctions that were later overturned on appeal.

The European Court of Justice ruled that Bank Refah Kargaran is not entitled to compensation over losses that it said it suffered when its funds were frozen in connection with sanctions imposed by the Council of the EU in 2010. The bloc wanted to exert pressure on Iranian banks to compel the Islamic Republic to end its development of nuclear weapons.

The Iranian bank had...

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