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.