ANUULING THE SANCTIONS BY COURTS, LEGAL AND ECONOMIC IMPACTS
Gist of the news
Presstv.ir reported on September 19, 2014 that:
A top European court has struck down restrictions imposed by the European Union against the Central Bank of Iran (CBI) on an alleged charge of circumventing US-led sanctions against the Islamic Republic.
In a judgment on Thursday, the Luxembourg-based EU‟s Court of Justice said it “annuls…the EU March 23, 2012 [ruling] concerning restrictive measures against Iran in so far as it listed Central Bank of Iran.”
“The reasons relied on are so vague and lacking in detail that the only possible response was in the form of a general denial,” the court ruled on Thursday, adding that “those reasons therefore do not comply with the requirements of the case-law.”
It said the charge leveled against the CBI is “insufficient in the sense that it does not enable either the applicant or the Court to understand the circumstances which led the [European] Council…to adopt the contested act.”
The Financial Times reported one day earlier that: