Luxembourg Blocks US Request to Transfer $1.6 Billion of Iran Assets

A court in Luxembourg has rejected the United States' request to transfer $1.6 billion in Iranian assets to victims of the September 11 attacks.

At least $1.6 billion worth of Iranian assets is held in the Clearstream clearing house, a financial company owned by Deutsche Boerse based in Luxembourg.

In an official statement on Monday, Luxembourg announced an appeals court on April 1 found the US seizure demand inadmissible.

The decision confirms earlier remarks by Iran’s President Hassan Rouhani who said on Sunday the country had won a legal victory over the assets that had long been frozen on a US request in Luxembourg.

During a cabinet meeting, Rouhani said “Iran’s central bank and foreign ministry have recently won a very good victory in a legal battle. $1.6 billion of our money was in Luxembourg and the Americans had put their hands on it.”

The money is held in the Clearstream clearing house, a financial company owned by Deutsche Boerse based in Luxembourg.

A New York court in 2012 ordered Iran to pay $7 billion in damages over the September 11 attacks, claiming that Tehran had aided Al-Qaeda by allowing its militants to travel through its territory.

Iran has rejected the allegation and refused to pay the sum.

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