Iran’s Bank Melli, the state-run lender that is subject to European Union sanctions, lost an EU court bid to unfreeze its funds.
The EU’s highest court rejected the Tehran-based bank’s challenge to a 2008 decision by EU governments that froze assets belonging to Bank Melli and its units because the lender helped Iran buy “sensitive materials” for its nuclear and missile programs.
The freezing of the funds of a bank owned or controlled by a company “engaged in nuclear proliferation is necessary and appropriate,” the EU court said in an e-mailed statement.
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