May 21, 2021, 7:33 PM
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CBI Governor says Luxembourg Court lifts seizure on Iran’s assets

Tehran, May 21, IRNA – The Supreme Court of Luxembourg has upheld ruling in lifting the seizure of Central Bank of Iran’s assets meaning that Iran’s assets will return home with no judicial roadblock.

Accordingly, Central Bank of Iran (CBI) Governor Abdol-Nasser Hemmati said based on CBI lawyers' reports following Luxembourg Court of Appeals ruling, the Supreme Court in the appellate phase rejected the objection of the so-called anti-terrorism lawsuit filed in the United States and upheld lifting the seizure of central bank assets in Luxembourg.

Based on the ruling, other Luxembourg courts will be obliged to comply with it, meaning that the judicial barrier to the transfer of central bank assets to the country will be removed.

Last week, 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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