A U.S. court decision will allow the Bank of Tokyo-Mitsubishi UFJ to lift a U.S. court-ordered freeze on accounts held by the Iranian government and central bank.
The U.S. District Court for the Southern District of New York ruled on May 24 that a court order to freeze accounts held outside of the United States was invalid.
Because the Bank of Tokyo-Mitsubishi UFJ handles a large number of financial settlements for trade between Japan and Iran, concerns had been raised that petroleum imports from Iran would be hurt if the freeze on the accounts was prolonged.
However, the lifting of the freeze means such a possibility is no longer an immediate concern.
The New York District Court on May 2 ordered the bank freeze accounts of the Iranian government and central bank. The ruling was intended to secure $2.6 billion (200 billion yen) in compensation from Iran for its involvement in terrorist acts in Lebanon in 1983.
Although the Bank of Tokyo-Mitsubishi UFJ initially complied with the court order, it also submitted an objection with the district court seeking to invalidate the order on the grounds that such court rulings do not apply to accounts held in Japan.
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