06 Apr 2014

ALERT - Sanctions against National Iranian Tanker Company ruled unlawful

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Stephenson Harwood has helped NITC (National Iranian Tanker Company) obtain an important ruling from the General Court of the European Union that EU sanctions against it are unlawful. NITC owns one of the largest double hulled tanker fleets in the world and is a major transporter of cargoes of crude oil and gas worldwide.

NITC has been subject to EU sanctions since 2012, which imposed an EU-wide asset freeze and effectively blocked the company from conducting any business within the EU or with EU companies worldwide.

The Court has now ruled that the Council of the EU had not ""the slightest evidence capable of supporting"" its decision to impose these draconian measures, which have caused a great deal of damage to NITC's business, its employees and its beneficial owners.

NITC challenged its inclusion in the list of sanctioned entities and successfully established that there was no justification for its listing. The Court held that the Council manifestly erred in its assessment and ordered that the EU sanctions against NITC be lifted, although the Court continued its previous practice and ordered that the decision will not take effect until the exhaustion of the appeal process. The GC has also ordered the Council to pay NITC's costs.
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