EU de-lists key Iranian bank Bank Saderat and its UK plc

On 22 October 2016, key Iranian bank, Bank Saderat, and its UK plc were de-listed from the EU sanctions list against Iran (Regulation (EU) 267/2012). Bank Saderat was not supposed to be de-listed under the JCPOA until “Transition Day”, 20 October 2023. However, pursuant to a judgment of the General Court of the European Union dated 5 February 2013, which was upheld by the EU Court of Justice on 21 April 2016, the bank had to be de-listed. Meanwhile, the EU Council decided to re-list the bank for dealing with designated entity Defence Industries Organisations in March 2009. The re-listing applied until 22 October 2016, but was not extended on that day resulting in the de-listing of both entities on that day. On 24 October 2016, the UK Office of Financial Sanctions Implementation issued a notice confirming the de-listing of both Bank Saderat and its UK plc.

Would you like to stay updated and receive our newsletters and legal alerts?

Please subscribe below and we will add you to our mailing list.