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.

The European Court of Justice annulled the European Union (EU) sanctions imposed against the Iranian Bank Mellat in July 2010. According to the bank's Managing-Director Ali Divandari, the Court also required the EU to cover the costs of legal procedures. Additionally, Bank Mellat will receive all legal expenses as well as compensation from the EU for losses incurred because of these sanctions. Divandari also said vague reasons were used by the EU to impose the sanctions two and a half years ago.