Brussels, 29/04/2015 (Agence Europe) - The General Court of the EU delivered two rulings on Wednesday 29 April (cases T-9/13 and T-10/13) which kept in place the freeze on the assets of the publicly owned National Iranian Gas Company (NIGC), a subsidiary of National Iranian Oil Company, and of the Iranian government-owned Bank of Industry and Mine (BIM).
The Council imposed sanctions (decision 2012/635/CFSP) in October 2012, viewing the two as state-owned companies providing financial support to the Iranian government, which itself is under international sanctions because of its nuclear policy. The two companies had called for the annulment of the decision, arguing that the Council had not stated the arrangements, nature or extent of the support.
The Court rejected their appeal and upheld the asset freeze, taking the view that the reasons provided by the Council were sufficiently clear for the two companies to understand the complaint against them of supporting the Iranian regime as public companies held and managed by the state, as witnessed by the composition of their respective boards. (Francesco Gariazzo)