EU Court says NIOC subsidiary’s listing is justified

The General Court of the EU has dismissed an annulment application brought by Naftiran Intertrade Co. (NICO) Sàrl, a Swiss subsidiary of NICO. A link to the judgment is here: Case T-371/14 Naftiran Intertrade Co. (NICO) Sàrl v Council [2015].

The Court found that the reasons for the applicant’s listing were clear, namely being part of the NICO group of companies, which was owned by National Iranian Oil Company (NIOC), which was sufficient justification for designation. There was no error of assessment in the fact that the structure of its parent company had changed; being a NIOC subsidiary was sufficient for designation. This is in line with the Court’s previous judgment on subsidiaries of NIOC (see previous blog).

This entry was posted in European Court Cases, Iran by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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