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Bank of Tokyo and Mitsubishi UFJ re-enter oil and other transaction settlements with Iran
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Reportedly, the US federal court in New York invalidated a state court's order for the bank to freeze Iran related settlement accounts, describing that the US court cannot freeze assets outside the jurisdiction of the US.
In other words, Bank of Tokyo and Mitsubishi UFJ are able to resume oil and other transaction settlements with Iran.
The state district court issued the order to freeze up to US$2.6 billion worth of Iranian assets which has significantly reduced crude oil imports as Mitsubishi UFJ Financial Group Inc settles 70% to 80% of such imports with Iran.
This has been a major court decision in recent history under the sanction by the EU and the US.
News Date
5/30/2012 8:37:18 AM
reported by
Mike Lo
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