Volume. 12227

EU court annuals sanctions against Iranian insurance company
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c_330_235_16777215_0___images_stories_edim_04_mg1(139).jpgTEHRAN – The European Court of Justice has annulled sanctions imposed by the European Union against Iran’s Moallem Insurance Company, the company’s managing director Mohammad-Hossein Tahsiri, said on Saturday.
In December 2010, the U.S. Treasury sanctioned Moallem Insurance Company, described as the primary maritime insurer for vessels owned by the Islamic Republic of Iran Shipping Lines, or IRISL, allegedly for involvement in illicit activities.
An interim accord easing restrictions on insurance for Iran’s oil shipments and freeing up cash held outside the country went into effect in January, in return for a suspension of some parts of the country’s nuclear program.

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