TEHRAN- The UK Treasury deleted names of three Iranian companies active in maritime transportation from its list of entities entitled to financial sanctions.

The UK Treasury’s Office of Financial Sanctions published a notice on August 3 saying that to update the treasury’s Consolidated List regarding entities listed under Council Regulation (EU) imposing financial sanctions against Iran, an asset freeze no longer applies to IRISL Club, IRISL Multimodal Transport Company and Leading Maritime PTE LTD.

The notice reads that listings of these entities have been annulled as a result of judgments of the General Court of the European Union. 

On November 9, 2013, a judgment of the General Court of the European Union of September 16, 2013 in regard to Islamic Republic of Iran Shipping Lines (IRISL) annulled the listings of IRISL Club and Leading Maritime PTE Ltd.

The second judgment on March 9, 2015 upheld the annulment of IRISL Multimodal Transport Company.

U.S. sanctions barred the IRISL fleet of about 170 vessels from sailing in international waters. They also prohibited international shipping companies from calling on Iranian ports.   

International shipping lines are stepping up port calls to Iran as the country’s massive maritime trade sector is emerging from sanctions.   

MA/MG