Persia International Bank

"A European Union court ruled Friday against the bloc's asset freeze on seven companies allegedly linked to Iran's nuclear program, adding to concerns that legal challenges could undermine Western efforts to pressure Tehran over its nuclear policy . . . Among them were the state-owned Iran Insurance Co., the country's largest insurer; the state-owned Post Bank; Persia International Bank PLC, which is U.K.-based but 60% owned by Bank Mellat, a private Iranian bank; and the Iranian Offshore Engineering & Construction Co., one of the country's largest contractors in oil and natural gas development." (Wall Street Journal, "Court Hands EU New Setback on Iran Sanctions," 9/6/13) (http://online.wsj.com/article/SB10001424127887324123004579058520838443340.html)

On June 30, 2019, New Jersey listed Persia International Bank on its state list of entities determined, based on credible information, to be engaged in prohibited activities in Iran. (https://www.state.nj.us/treasury/purchase/pdf/Chapter25List.pdf)

"The European Union is moving to a new approach in reinforcing its Iran sanctions regime in a bid to prevent legal challenges by companies from undermining the West's efforts to counter Tehran's nuclear program. In recent weeks, the EU has informed more than a dozen companies with ties to Iran that have won rulings against previous restrictions that it plans to target them with new sanctions, an EU official said…Among the letters the EU recently sent to more than a dozen firms with ties to Iran was one to London-based Persia International Bank PLC. EU officials stated they would return the bank to the bloc's sanctions list, according to the Oct. 10 letter…The bank won a legal challenge Sept. 6, when the EU's second-highest court ruled that the EU had erred in sanctioning the firm on the basis that 60% of its share capital was owned by the already-sanctioned Bank Mellat, Iran's largest private bank. In its ruling, the court said this fact alone didn't 'justify the adoption and/or maintenance of the restrictive measures.' In its letter to Persia International Bank, the EU said it intended to place the bank on its sanctions list on the basis that it is fully owned by two sanctioned banks—Bank Mellat and Bank Tejarat…Richard Blakeley, a lawyer representing Persia International Bank said the EU sanctions are 'unlawful, unfair and are causing significant damage to the bank's business and reputation.'" (Wall Street Journal, "EU Shifts Tactics to Bolster Iran Sanctions," 10/27/13)   (http://online.wsj.com/news/articles/SB10001424052702304655104579161780356447634)

"The European Union will re-impose asset freezes on several Iranian companies, annulled this year by court order, even as world powers appear close to a breakthrough deal with Tehran over its contested nuclear program. EU diplomats said the move was to re-establish sanctions already imposed, rather than increasing pressure on Iran. Any new sanctions could risk scuppering a deal that global powers hope to reach with Iran at talks that start next Wednesday…The EU decision, taken by senior officials on Thursday, must still be approved by EU governments later this week, diplomats told Reuters. It covers Persia International Bank, Export Development Bank of Iran and Bank Refah Karagan, among others. It aims to counter mounting litigation by hundreds of people and companies from Iran after several legal challenges succeeded in quashing sanctions this year…The EU has in the past appealed against sanctions being quashed, for example after the court overturned sanctions on Bank Mellat and Bank Saderat, among the biggest private banks in Iran, earlier this year." (Reuters, "EU to re-impose Iran sanctions quashed by court," 11/14/13) (http://www.unitedagainstnucleariran.com/company/mellat-bank) (http://www.unitedagainstnucleariran.com/company/bank-saderat) (http://www.reuters.com/article/2013/11/14/us-iran-nuclear-eu-idUSBRE9AD0ZI20131114)

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