The US court action on the confiscation of the Central Banks assets in Luxembourg is contrary to international law and we will use all capacities to defend our rights, the Iranian Minister of Economic Affairs and Finance stressed.
(SHADA: TEHRAN) -- In the past, the Central Bank of Iran usually kept part of its assets in the form of foreign currency or bonds abroad, Tayyebnia said, adding: From 2002 to 2007, the Central Bank purchased some amount of bonds in Europe and deposited them in a Luxembourg company.
Since 2007, following some laws passed in Europe, that company announced that due to the new circumstances it cannot guarantee the security of the assets, recommending the assets should be transferred to Iran, he stated.
The Luxemburg company gave the warning in Fall 1386 (2007), and we had six months to transfer the bonds, but it wasn't done and it was told that there were not suitable conditions for the sales and profitability of the bonds, but it was possible to transfer them and therefore up to $220 million were transferred, Tayyebnia added.
The fact that some Americans are looking to confiscate Iran's assets abroad is contrary to international law, and everywhere in the world these assets are not owned by the government but the central bank, and all countries should respect it, he noted.