IslamicFinance.de

Managing-Director of Bank Mellat Ali Divandari announced that his bank has been removed from the European Union's sanctions list. The EU Council had listed Bank Mellat and its then-chairman Dr Divandari in the designated list in July 2010 on the basis that it was a legitimate part of its regime of sanctions designed to stop the Iranian nuclear program. Both the bank and Dr Divandari challenged the sanctions in the European Court which finally declared a ruling in support of Bank Mellat.