A Review of the Nigerian Energy Industry

EU told to lift IOEC sanctions in Iran

EU imposes more sanction on Iran07 September 2013, News Wires – Iran Offshore Engineering & Construction, IOEC, could have sanctions imposed on it by the European Union after a ruling by an EU court on Friday.

The ruling may also lead to sanctions, imposed on numerous Iranian companies in an attempt to disrupt the country’s perceived nuclear weapons programme, being lifted on a shipping company and four banks.

The EU court ruled that sanctions on IOEC, Good Luck Shipping, Export Development Bank of Iran and Persia International Bank should be scrapped. It also said sanctions against Post Bank Iran, Bank Refah Kargaran and Iran Insurance Company should be lifted.

The ruling can, however, be appealed.

The EU, like the US, has hit various Iranian individuals, companies and institutions with sanctions as international players seek to halt what they see as the country’s attempts to build nuclear weapons. Iran has always contended that its nuclear programme is for civilian use only.
– Upstream

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