EU Court Allows Unit of Deutsche Boerse to Comply with US sanctions

Clearstream Banking AG in Luxemburg (AFP)
Clearstream Banking AG in Luxemburg (AFP)
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EU Court Allows Unit of Deutsche Boerse to Comply with US sanctions

Clearstream Banking AG in Luxemburg (AFP)
Clearstream Banking AG in Luxemburg (AFP)

The European Commission was right to allow Clearstream Banking AG, a unit of Deutsche Boerse, to comply with US sanctions on Iran and therefore interrupt payments to an Tehran-controlled holding, the European Union’s General Court said on Wednesday.

The Court added that the plaintiff IFIC Holding AG is a German company whose shares are held indirectly by the Iranian State and which itself has shareholdings in various German undertakings.

“The Commission did not err in its assessment by not taking into account the applicant’s interests or by failing to examine whether less onerous alternatives existed,” the Court said.

In August 2020, judgment creditors of Iran filed a complaint in the United States District Court for the Southern District of New York, seeking turnover of Iranian assets, they said belonged to the Central Bank of Iran, Bank Markazi.

At the time, Clearstream said it considers any claims for damages against it in this context to be unfounded and will take all necessary and appropriate measures to decisively defeat such claims.

For several years, US authorities had targeted Clearstream, looking at possible violations of money laundering and Iran sanctions laws.

Deutsche Boerse had denied wrongdoing.

Early in 2018, Iran’s central bank, Bank Markazi, has filed a suit in Luxembourg against Deutsche Boerse’s Clearstream unit seeking to recover $4.9 billion in assets plus interest.

The assets were frozen on suspicion of terror financing and as compensation for the victims of the September 11, 2001, attacks.

Iranian assets also remain frozen in connection with a court case over the bombing of a US Marine barracks in Lebanon in 1983 that killed 241 Americans.

In April 2020, a Luxembourg court said it blocked a long-running US request to transfer $1.6 billion in Iranian assets to victims of the September 11 attacks.

However, the statement added that the ruling was not final and could be appealed at Luxembourg’s highest court.



Ukraine Says Russian Attacks Continued after Ceasefire Proposed by Europe Kicked In

Ukrainian servicemen of the 24th Separate Assault Battalion "Aidar" smoke during a rest moment between rotations at an undisclosed location in Dnipropetrovsk Region on May 9, 2025, amid the Russian invasion of Ukraine. (Photo by Tetiana DZHAFAROVA / AFP)
Ukrainian servicemen of the 24th Separate Assault Battalion "Aidar" smoke during a rest moment between rotations at an undisclosed location in Dnipropetrovsk Region on May 9, 2025, amid the Russian invasion of Ukraine. (Photo by Tetiana DZHAFAROVA / AFP)
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Ukraine Says Russian Attacks Continued after Ceasefire Proposed by Europe Kicked In

Ukrainian servicemen of the 24th Separate Assault Battalion "Aidar" smoke during a rest moment between rotations at an undisclosed location in Dnipropetrovsk Region on May 9, 2025, amid the Russian invasion of Ukraine. (Photo by Tetiana DZHAFAROVA / AFP)
Ukrainian servicemen of the 24th Separate Assault Battalion "Aidar" smoke during a rest moment between rotations at an undisclosed location in Dnipropetrovsk Region on May 9, 2025, amid the Russian invasion of Ukraine. (Photo by Tetiana DZHAFAROVA / AFP)

Ukrainian authorities said Russian attacks against Ukraine continued on Monday, including an overnight assault using more than 100 drones, despite a ceasefire proposed by Europe and Ukraine that Russia did not agree to abide by.

The leaders of four major European powers travelled to Kyiv on Saturday and demanded an unconditional 30-day ceasefire from Monday. Russian President Vladimir Putin, implicitly rejecting the offer, instead proposed direct Russia-Ukraine talks in Istanbul that he said could potentially lead to a ceasefire.

Ukrainian President Volodymyr Zelenskiy said late on Sunday that the ceasefire offer remained on the table and that he was still waiting for a response from Moscow, but that Ukrainian forces would respond in kind if Russia flouted it.

The air force said in its morning readout that Ukraine came under attack overnight from 108 long-range combat drones starting from 11 p.m. (2000 GMT), an hour before the ceasefire was due to kick in. Attacks of this kind unfold over the course of hours as drones fly much slower than missiles.

"As of 08:30 (0500 GMT), it was confirmed that 55 Shahed attack (drones)... were shot down in the east, north, south and center of the country," it said, adding that an additional 30 had been lost on radars and caused no damage.

A woman was injured by a strike drone in the small port city of Bilhorod-Dnistrovsk in the Black Sea region of Odesa overnight, the regional governor said.

Russia also launched guided bombs at targets in the northeastern Kharkiv region and the northern Sumy region, the air force said.

The Ukrainian railway company said a Russian drone attacked a civilian freight train in the east.

"The truce proposals are being ignored, hostile attacks on railway infrastructure and rolling stock continue," it wrote in a statement on Telegram.

The train's driver received a shrapnel wound in his leg after the train was struck by a drone, it said. "His life is currently no longer in danger," it added.

DIPLOMATIC MANEUOVERING

The state of play on the sprawling front line was not immediately clear. The military has not yet given a readout that specifically addresses the period from midnight. Russia and Ukraine are both trying to show US President Donald Trump that they are working towards his objective of reaching a rapid peace in Ukraine, while trying to make the other look like the spoiler to his efforts.

Kyiv is desperate to unlock more of the US military backing it received from Trump's predecessor, Joe Biden. Moscow senses an opportunity to get relief from a barrage of economic sanctions and engage with the world's biggest economy. Europe meanwhile is doing its best to preserve good relations with Trump despite him imposing tariffs, hoping it can persuade him to swing more forcefully behind Ukraine's cause, which they see as central to the continent's security.

A group of European foreign ministers and EU foreign policy chief Kaja Kallas are set to hold talks in London on Monday.

The leaders of Britain, France, Germany and Poland on Saturday threatened Russia with new sanctions if the truce was violated, though it is unclear what firepower they are able to muster on that front in the near term.

Putin dismissed what he said was an attempt to lay down "ultimatums". His foreign ministry spelled out that talks about the root causes of the conflict must precede discussions of a ceasefire.

With Russian forces grinding forward, the Kremlin chief has offered few, if any, concessions so far. Russia says a ceasefire would allow Ukraine to catch its breath and rebuild its military.

Zelenskiy initially responded guardedly on Sunday after Putin, in a night-time televised statement that coincided with prime time in the US, proposed direct talks in Istanbul on Thursday, May 15.

But after Trump told Zelenskiy to agree to Putin's offer "immediately", the Ukrainian leader challenged the Kremlin chief to meet him in person in Istanbul on Thursday.

It was far from clear, however, if Putin meant he would attend in person. Putin and Zelenskiy have not met since December 2019 and make no secret of their contempt for each other.