The Higher Regional Court [Oberlandesgericht, OLG] of
Hamburg has ruled that banks cannot simply terminate the accounts
of enterprises that are listed in the so-called Iran
Embargo Regulation. The proceedings have highlighted a
situation increasingly being faced by bank customers in connection
with their legal business conducted with Iran: where the business
policy decisions of banks exceed the legal stipulations of the Iran
Embargo Regulations.
A corporation and the applicant in said proceedings renders a
variety of services, in particular for the Islamic Republic of Iran
Shipping Lines. In the annexes of the Council Regulation (EU)
concerning Restrictive Measures Against Iran (EU/267/2012), the
so-called Iran Embargo Regulation, the company is listed as an
entity whose assets are to be frozen and to whom no economic
resources may be made available. The respondent is a Hamburg
commercial bank where the applicant holds an account. The Hamburg
bank terminated the
