Luxembourg to unfreeze Iranian funds

May 21, 2021 - 22:17

THERAN — Iranian central bank chief Abdolnasser Hemmati has said the Supreme Court of Luxembourg issued an order on Thursday to unfreeze the blocked Iranian funds in the Luxembourger banks, considering the seizure as illegal.

The Court of Appeals ordered the ruling. 

On May 15, a court in Luxembourg determined that Iranian funds held in the European country could not be transferred abroad without the agreement of the country's judicial authorities.

Luxemburg courts, according to the ruling, do not recognize verdicts issued by the U.S. legal system. It was referring to recent legislation that allows American courts to order the seizure of Iranian assets anywhere in the world.

The Luxemburg court reiterated that any enforcement of a ruling issued by a foreign court must first be recognized by domestic courts before it can be enforced.

SA/PA
 

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