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EghtesadOnline: The Central Bank of Iran (CBI) announced on Tuesday that the US court ruling is contrary to international law and lacks power of enforcement in Luxembourg.

Director General of the Legal Affairs Department in the CBI Ardeshir Fereydouni commented on the US efforts to confiscate $1.6 billion of Iran's assets in Luxemburg and said it is contrary to law and international treaties, lacking power of enforcement there.

Fereydouni made the remark in reaction to a report posted on New York Times that $1.6 billion of the CBI assets was to be confiscated in Luxemburg by a court, according to IRNA.

He said following issuance of absentee ballot, the so-called anti-terrorist ruling, by courts of the country against the Islamic Republic of Iran, certain American plaintiffs have turned to recognize and enforce the rules in various countries. 

“So, they ask many courts in the world countries to recognize and enforce the rulings.”

He added that one of the countries, the plaintiffs have asked to confiscate assets of the Islamic Republic of Iran CBI, is Luxembourg where the CBI assets used to be kept in the country’s financial institutions since long ago.

He added that confiscation does not mean withdrawal from the same properties and accounts, rather the Luxembourg court is now busy verifying the case and addressing the question whether the ruling issued by the US court can be recognized and enforced in Luxembourg also.

Absolutely, as long as the investigations are not complete and the court ruling has not been issued, Iran’s assets in Luxembourg cannot be accessed or withdrawn in favor of the plaintiffs. 

“The CBI attorneys in coordination with the International Legal Affairs Center of the Presidential Office had presented their defense in connection with the case.”

The CBI announced that the Islamic Republic of Iran has repeatedly protested such an issue and similar cases and registered its complaint against the US officially in the International Court of Justice, asking the Court to announce illegality of the issued rulings and mandate the US to end such a trend.

He said the Islamic Republic of Iran has also asked make up for losses in connection with previous cases when the US issued unjust and unfair rulings against Iran’s assets.

He emphasized that the case is not at all something new and the report dates back months ago, released newly in New York Times with an aim to raise hue and cry against the Islamic Republic of Iran.

Deputy Foreign Minister for Euro-American Affairs, Majid Takht-Ravanchi, on Tuesday morning commented on blockade of Iran’s $1.6 billion assets in Luxemburg and said the money belongs to the CBI, being in Europe at the time of sanctions and inaccessible due to sanctions.

“Within the period prior to the JCPOA talks, those being active against Iran, tried inside and outside the US to generalize the approval beyond the US, where it was enforced but is in our opinion totally unfair and baseless.”

CBI Central Bank of Iran Iran-US relationship Iran assets Ardeshir Fereydouni