Banks that have lent money to Islamic Republic of Iran Shipping Lines (IRISL) should tread carefully to avoid having their funds frozen, maritime lawyers have told Fairplay. Their comments were prompted by the Singapore High Court ruling on 31 January that three IRISL ships had to be released as the company did not fall under United Nations sanctions. The ships - Sahand, Sabalan and Tuchal - were arrested in Singapore last September after loan repayments to Credit Agricole, Societe Generate and the Export-Import Bank of Korea were delayed due to sanctions against IRISL, which the US and EU have accused of helping Iran's uranium enrichment. The vessels were eventually released after IRISL wired €155M($210M) to the French bank.
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