Court upholds asset freeze on Iranian bank in UK

The European Union's second highest court on Thursday upheld a 2008 EU decision to freeze the assets of an Iranian-owned bank based in the UK. The EU Court of First Instance said preserving international peace and security warranted measures to make it impossible for Melli Bank PLC to do business, as its owner - the Iranian government - is seen to engage in nuclear proliferation in violation of international law. It dismissed Melli Bank's request to void the freeze. The bank had argued the measure was neither proportional nor legal. It can appeal the ruling to the European Court of Justice.