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Tuesday, March 7, 2017

Iran Starts Litigation to Release $1,6 Billion Frozen Assets in Luxemburg.


Iran Starts Litigation to Release $1,6 Billion Frozen Assets in Luxemburg. (Fars).

Iranian Deputy Foreign Minister for European and American affairs Majid Takht Ravanchi announced that the country has started legal proceedings to release its $1.6bln frozen assets in Luxemburg.

"The money belongs to the Central Bank of Iran and was in Europe during the sanctions era and we couldn't access it due to the sanctions," Takht Ravanchi told reporters in Tehran on Tuesday.

Noting that Luxemburg blocked the Iranian account before the start of the nuclear talks in 2013, he said, "The money is in Europe and this is not a new development."

"The Central Bank's lawyers are in contact with the Luxemburg company (which has blocked Iran's money) and are making the necessary consultations to find access to the money," Takht Ravanchi said.

He explained that the money was frozen in Luxemburg after an approval in the US to freeze Tehran's assets and the extension of the same approval to other states as a result of the antagonistic moves made by certain anti-Iran elements.

In a relevant development last year, Tehran lodged a complaint with the International Court of Justice in the Hague against a court ruling by the US Supreme Court which authorized the transfer of $2 billion of Tehran's frozen assets to the families of the victims of a 1983 bombing in Beirut.

"The US courts have issued illegal rulings and said that the properties should be provided to the Americans and the families of those people killed in Lebanon and it is not clear what the Americans did in Lebanon (at the time) and how the issue is related to Iran," Iranian President Hassan Rouhani said in June.

"We shouldn’t remain silent vis a vis this event and we officially filed a lawsuit at the International Court of Justice yesterday and will pursue the case until attaining results," he added.

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High-ranking officials of Iran and Luxembourg have signed an agreement to support investments and improve banking ties.

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