"After the (EU) court issued an initial ruling on the illegality of the sanctions against 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," NITC managing director Ali Akbar Safayee said in a press conference in Tehran this week, according to newswire reports.
The General Court of the European Union has annulled the sanctions against Iranian businessmen and five companies, namely, Sorinet Commercial Trust (SCT), Sharif University of Technology, NITC, Moallem Insurance Company (MIC) and Sina Bank.
After the EU announcement, The UK also ended its asset freeze on the five Iranian entities and a tradesman.
This could put a number of large crude tankers back into the market at a time when a small recovery is being noted - Ed (see Markets story below).