UK Supreme Court rules against ban on Iran's Bank Mellat
Iran Press TV
Wed Jun 19, 2013 5:47PM GMT
Britain’s Supreme Court has overturned a ruling against Iran's Bank Mellat over its alleged links to Tehran's nuclear energy program.
On Wednesday, the highest British court ruled that the UK government was wrong to have imposed sanctions on the Iranian bank in 2009, and that the Treasury directive was “irrational” and “disproportionate.”
"I conclude that it was unlawful," Judge Jonathan Sumption wrote in a majority ruling.
The decision comes after the European Union General Court decided in January to quash sanctions imposed against Bank Mellat in July 2010.
Bank Mellat has stated that it will explore legal channels and sue individual governments for the damages it has suffered as a result of sanctions.
It is reportedly considering launching a claim against Britain that “could exceed 500 million pounds.”
At the beginning of 2012, the US and the EU imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran. The sanctions entered into force last summer.
The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.
Iran rejects the allegation, arguing that as a committed signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.
MP/HGH/SS
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