Iran Sanction Relief? Maybe not...

[BrokenSwitch]

Legal rights organization Shurat HaDin-Israel Law Center has sent warning letters to eleven banks believed to maintain frozen accounts for Iran, they announced Wednesday, advising them that the funds are still restrained for the benefit of terror victims who hold unsatisfied judgments against the Islamic Republic.

The letters caution the American branches of the foreign banks that the funds in the accounts may not be transferred despite the anticipated lifting of financial sanctions by the Obama Administration.

The accounts are believed to hold up to $100-150 billion in frozen oil revenues currently restrained under the sanction regulations in overseas banks.

“You are hereby warned that all accounts maintained by your financial institution at any of its branches in the name of Iran, the Central Bank of Iran, the Naftiran Intertrade Company, the National Iranian Oil Company, the National Iranian Tanker Company or any other agency or instrumentality of Iran are restrained and subject to a lien in favor of my clients under United States law," the letter states.

Although Iran negotiated to have sanctions lifted and funds returned, the accounts in fact have now been blocked by virtue of a “Citation to Discover Assets” (“Citation”) which was issued against Iran on October 26, 2015 in the Rubin v. The Islamic Republic of Iran case in the federal district court for the Northern District of Illinois.

Continued...