The European Court of Justice (ECJ) has dismissed an appeal by a German bank accused of violating a ban on transactions with Iranian banks, upholding restrictions placed on the bank by the European Union (Europaisch-Iranische Handelsbank AG v. Council of the European Union, ECJ, C-585/13 P, ruling issued 3/5/15).
The ruling on March 5 is the latest setback for Europaisch-Iranische Handelsbank AG (EIH), a Hamburg-based trade bank with branches in Iran that appears on the Specially Designated National (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC).
In its appeal, ...
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