Judgment of the General Court (Seventh Chamber) of 18 September 2015 —
Oil Pension Fund Investment Company v Council

(Case T‑121/13)

Common foreign and security policy — Restrictive measures adopted against Iran with the aim of preventing nuclear proliferation — Freezing of funds — Obligation to state reasons — Rights of the defence — Right to effective judicial protection — Manifest error of assessment — Proportionality — Right to hold property — Adjustment of the temporal effects of an annulment

1.                     European Union — Judicial review of the legality of the acts of the institutions — Restrictive measures against Iran — Measures in the context of the fight against nuclear proliferation — Ambit of the review — Exclusion of elements brought to the knowledge of the institution after the contested decision was adopted (Charter of Fundamental Rights of the European Union, Art. 47; Council Decisions 2010/413/CFSP, Art. 20(1)(c), and 2012/829/CFSP, Art. 1; Council Regulations No 267/2012, Art. 23(2)(d), and No 1264/2012) (see paras 32-34, 40)

2.                     Actions for annulment — Judgment annulling a measure — Effects — Partial annulment of a regulation and a decision on the adoption of restrictive measures against Iran — Such annulment taking effect as from the expiry of the period for lodging an appeal or from the dismissal of the appeal (Arts 264, second para., TFEU, and 266 TFEU; Statute of the Court of Justice, Art. 56, first para.; Council Decisions 2010/413/CFSP, Art. 20(1)(c), and 2012/829/CFSP, Art. 1; Council Regulations No 267/2012, Art. 23(2)(d), and No 1264/2012) (see paras 44, 45, 47-50)

Re:

APPLICATION for annulment of Council Decision 2012/829/CFSP of 21 December 2012 amending Decision 2010/413/CFSP concerning restrictive measures against Iran (OJ 2012 L 356, p. 71) and Council Implementing Regulation (EU) No 1264/2012 of 21 December 2012 implementing Regulation (EU) No 267/2012 concerning restrictive measures against Iran (OJ 2012 L 356, p. 55) in so far as those acts concern the applicant.

Operative part

The Court:

1. Annuls Council Decision 2012/829/CFSP of 21 December 2012 amending Decision 2010/413/CFSP concerning restrictive measures against Iran in so far as it listed Oil Pension Fund Investment Company in Annex II to Council Decision 2010/413/CFSP of 26 July 2010 concerning restrictive measures against Iran and repealing Common Position 2007/140/CFSP;

2. Annuls Council Implementing Regulation (EU) No 1264/2012 of 21 December 2012 implementing Regulation (EU) No 267/2012 concerning restrictive measures against Iran in so far as it listed Oil Pension Fund Investment Company in Annex IX to Council Regulation (EU) No 267/2012 of 23 March 2012 concerning restrictive measures against Iran and repealing Regulation (EU) No 961/2010;

3. Orders the effects of Decision 2012/829 and Implementing Regulation No 1264/2012 to be maintained as regards Oil Pension Fund Investment Company until the expiry of the period for bringing an appeal stated in the first paragraph of Article 56 of the Statute of the Court of Justice of the European Union or, if an appeal has been brought within that period, until the dismissal of that appeal;

4. Orders the Council of the European Union to bear its own costs and to pay those incurred by Oil Pension Fund Investment Company.