of credit and bank guarantees (demand guarantees), whereas other activities remains less important. In February 2013, the European General Court in Luxembourg ruled to annul sanctions by the European Union (EU) against the bank, stating that the EU "is in breach of the obligation to state reasons and the obligation to disclose to the applicant ... the evidence adduced against it". The EU may appeal the decision. As of 2016, the EU asset freeze was still in effect. In 2019 an EU court rejected BSI's appeal for £78.7m in damages the bank claims to have suffered after the EU placed it on their sanctions list. Location of branches United Arab Emirates (Abu Dhabi - 3 branches and Dubai - 6 branches) Lebanon (Beirut - 4 branches, Sidon and Baalbek) Afghanistan (Kabul - 2 branches) Qatar (Doha - 2 branches) Bahrain (Manama) France (Paris) Germany (Hamburg and Frankfurt) Greece (Athens) Oman (Muscat) Turkmenistan (Ashkhabad) United Kingdom (London) Uzbekistan (Tashkent) See also Banking in Iran Privatization in Iran Sanctions against Iran 2011 Iranian embezzlement scandal References External links Banks of Iran Banks established in 1952 Companies listed on the Tehran Stock Exchange Iranian companies established in 1952 Iranian entities subject to the U.S. Department of the Treasury sanctions