EU officials meet to discuss court ruling on Iran sanctions

A working group of the EU Council is to meet today to discuss whether to appeal against Friday's ruling by the European Court of Justice that the EU should lift sanctions on seven Iranian companies and one Iranian individual. The EU has accused them of being involved in Iran's nuclear programme and decided to freeze their funds. EU sources speaking on condition of anonymity told Kuwait news agency, KUNA, here today that the EU has two months to decide on the matter. However, the sources clarified that all Iranian banks are under strict restrictions in Europe and even if the sanctions are lifted they require prior approval from the government of the EU member state in which they operate for any transaction with any European bank. Today's meeting will be the first of a series of meetings before the EU decides on its next step, said the sources. The Luxembourg-based court ruled that there was insufficient evidence that the seven Iranian companies were involved in nuclear proliferation activities. The court said that the EU Council has not proved the facts of which it accuses the four companies Post Bank Iran, Iran Insurance Company, Good Luck Shipping and Export Development Bank of Iran. The court also annulled the freezing of funds of a businessman identified only as Mr. Bateni, and Persia International Bank, Iranian Offshore Engineering Construction Co, Bank Refah Kargaran. The court, ruled that Bank Melli Iran and the Germany-based European- Iranian Trade Bank remain on the EU sanctions list.