249 Enforcement of Exchange Regulations: Private Internal Law Aspects of Comity By Ingrid Detter De Lupis* In the aftermath of the crisis in Teheran when American Embassy staff had been taken hostage, an action was taken in the High Court of London against a number of United States banks in England by the Government of Iran to re- cover substantial sums of money frozen in American Banks in London under President Carter's Decree.' Iran sought to recover assets in England through the High Court action but, although the case was prepared in some detail, it was never heard; as soon as the hostages were released the assets freeze was lifted and the action came to an end. It may well be that the prepared action and the refusal of the American banks, under the Decree to return funds, played a substantial role in bringing about the release of the hostages. The so called Assets Case concerned, i.a., the question whether foreign de- crees and regulations must be applied or respected by a Court in another coun- try as well as the question whether the United States regulations were 'exchange regulations' and ensueing transactions 'exchange contracts' under Article VIII
Nordic Journal of International Law – Brill
Published: Jan 1, 1987
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