May 13, 2021, 9:55 PM
Journalist ID: 1843
News Code: 84328584
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CBI assets in Luxembourg not transferred to US

Tehran, May 13, IRNA - Iran’s Central Bank said Luxembourg's judiciary system has stopped transfer of Iran's Central Bank (CBI) assets to the US.

The CBI announced on Thursday that according to the Hague branch of the Presidential Center for International Legal Affairs (CILA), the Luxembourg court confirmed the non-enforcement of US domestic laws for their courts and the need to recognize the issued votes from American courts by Luxembourg in the property file of the Central Bank before the Clearstream institute.

The bank said a similar act has been taken by Italy and France in the past.

The notification also added that based on the recent legislative changes in the United States, US courts can directly order the transfer of some assets that directly or indirectly belong to Iranian institutions including the Central Bank of Iran to the United States, regardless of their location.

The law explicitly ignores the national sovereignty of other countries.

It is emphasized in the announcement that the Central Bank of Iran has timely requested the Luxembourg district Court to issue an order banning the transfer of its assets just because of a US decision and by the Clearstream institute.

The Luxembourg court endorsed the request and insisted that any decree of a foreign court must be recognized and declared as effective by the courts of Luxembourg before it can be enforced in the national territory of that country.

It is also specified in the announcement that Luxembourg's recent decision explicitly prevents the Clearstream to voluntarily comply with the US decision and transfer the assets of the Central Bank of Iran to the United States without previous issue of the final order in Luxembourg identifying and implementing this decision. In case of violation, the Clearstream Institute will be sentenced to pay a heavy fine.


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