EU court shelves sanctions against Iranian shipping companies

40 Iranian shipping companies could be removed from the EU's sanction list as an EU court canceled the sanctions on Thursday. The EU now has time to appeal the decision.

The second highest court in the EU, the General Court, canceled sanctions against 40 Iranian shipping companies as well as an Iraqi bank on Thursday, according to Reuters.

The companies' activities have been frozen as part of the European Union's efforts to pressure Iran's nuclear program, and the companies will remain subject to sanctions as the EU has now been given a period of time to decide whether to introduce sanctions on a different legal basis.

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