Italian court sides with Iranian company in little-known sanctions case, orders bank to release frozen funds
This judgment from fall 2019 involves an Italian company which concluded a supply contract with an Iranian company that later became subject to US sanctions, according to a report by the European Commission and the legal resource Global Sanctions. The payment by the Iranian company was frozen by the Italian company’s bank.
The date of the judgment is likely on or before 2 October 2019, when Global Sanctions first reported on the case.
The court ordered the release of the funds as, under the Blocking Statute, the sanctioning of the Iranian company by the United States Treasury’s Office of Foreign Assets Control (OFAC) is not recognized within the European Union.
Most of the relevant details of this case, including the name of the court, are not publicly available. Tehran Bureau is in the process of filing Freedom of Information requests in Italy and the European Commission.