Short-Circuiting Sanctions: E.U. Courts Overturn Sanctions On Iranian Banks

Photo Credit: APEuropean Union courts have quietly rolled back economic sanctions on several Iranian banks that have long been suspected of transferring funds to terrorist groups such as Hamas, Hezbollah, and Palestinian Islamic Jihad.

The Wednesday announcement of the removal of Iran’s Bank Saderat from the E.U.’s sanctions list has caused concern among experts and some on Capitol Hill who warn the E.U.’s decision could erase years of progress on the economic sanctions front.

Bank Saderat is at least the third Iranian bank to have won an E.U. sanctions reprieve since December.

An E.U. court recently ruled that the sanctions against Bank Saderat were “illegal” and ordered they be removed, according to reports in Iran’s state run media.

“The General Court of the European Union consequently ruled that the sanctions imposed against the Iranian bank were illegal and accepted the bank’s request to lift the restrictions,” Iran’s Press TV quoted the bank as saying in a statement.

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