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German Lawyer Questions EU's Blacklisting of Iranian Bank

Service : Economy
TEHRAN, May 28 (ICANA) - A German attorney seriously questioned whether the blacklisting of the European-Iranian Trade Bank (EIH) by the European Union did actually meet legal criteria, the German-edition of Financial Times(FTD) reported on Friday.
Saturday, May 28, 2011 11:21:43 AM
German Lawyer Questions EU's Blacklisting of Iranian Bank

'The EU's listing is a form of sentencing,' said Harald Hohmann who is specializing on international trade rights.

Hohmann stressed there should be a court hearing on the issue, saying the EIH had a good chance of winning the case for a likely lack of evidence if it goes to the European Court of Justice.

The Hamburg-based bank has denied it violated EU or UN sanctions, and vowed 'to take immediate legal steps' against the controversial blacklisting.

The Bundesbank, which oversees the enforcement of sanctions against banks that are licensed in Germany, said the EU listing prevents EIH from contracting new business, but the Iranian bank may continue to service contracts concluded prior to the sanction order.

EIH said it will continue to service letters of credit issued prior to May 23.

'This applies also to the letters of credit of listed Iranian banks that were advised by us before the opening bank and ourselves had these restrictive measures imposed,' the bank said.

Founded by a group of Iranian merchants in Hamburg in 1971, EIH was blacklisted by the EU on Monday following intense pressure by the US and its ally the Zionist regime.

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