Iran's top oil tanker firm says EU sanctions are being lifted

October 7, 2014 22:01

LONDON - European Union sanctions on Iran's main oil tanker firm NITC have been annulled after the EU failed to appeal against a court ruling that ordered the measures to be lifted, the shipping company said on Tuesday.

An EU official told Reuters the European Union was working to resolve the issue, adding: "The time for appeal had elapsed, but work is still ongoing on remedial action for maintaining the entity on the list."

NITC - a major transporter of Iran's oil - had contested the EU's blacklisting, arguing that the firm is privately owned by Iranian pension funds. It has denied any links with the Iranian government or with the Revolutionary Guards.

The sanctions - imposed in 2012 over Tehran's disputed nuclear program - prohibited any trade between the EU, its companies and citizens, and NITC, including the provision of services such as insurance or banking.

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