Iran’s Bank Mellat to claim £500 million from UK

Iran’s Bank Mellat intends to make a legal claim of 500 million pounds (USD 782 million) against the British government for loss of business caused by US-engineered illegal sanctions on Tehran between 2009 and 2013.

Britain’s Supreme Court overturned in June a ruling against Bank Mellat over its alleged links to Tehran’s nuclear energy program.

On June 19, the highest British court ruled that the UK government was wrong to have imposed sanctions on the Iranian bank in 2009, and that the Treasury directive was “irrational” and “disproportionate.”

The European Union General Court decided in January to quash sanctions imposed against Bank Mellat in July 2010.

Later in August, the court is expected to order the Treasury to pay the Iranian bank legal costs and to start discussions over damages.

The case has paved the way for similar actions from scores of other Iranian banks and oil companies which lawyers say could push the total compensation bill to the one-billion-pound mark or beyond.

At the beginning of 2012, the US and the European Union imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran. The sanctions entered into force last summer.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegation, arguing that as a committed signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.

By Press TV


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