Dubai: The National Iranian Tanker Company (NITC) is returning to the European market after EU sanctions imposed on the company were officially annulled on Monday.
On July 3rd, the General Court of the European Union (7th chamber, extended composition) annulled the listing of NITC on the European Union's (EU) targeted sanctions relating to Iran.
"After the (EU) Court issued an initial ruling on the illegality of the sanctions against the NITC, the EU had 70 days to protest at the ruling, and since the EU didn’t use this opportunity, the EU sanctions against the NITC has now been definitely annulled," Ali Akbar Safayee, Managing Director of the NITC, said in a press conference in Tehran on Tuesday.
Since the EU Court's judgments were not appealed within the designated two months, they have now come into effect. [07/10/14]