Bermuda Post

Friday, Dec 06, 2024

ICJ orders US to pay compensation for freezing Iranian assets

ICJ orders US to pay compensation for freezing Iranian assets

In a blow for Tehran, however, the United Nations court said it did not have jurisdiction over frozen assets from Iran’s central bank, by far the largest amount claimed back by Iran.
The International Court of Justice (ICJ) has ordered the United States to pay compensation to Iranian companies after ruling that Washington had illegally allowed courts to freeze their assets.

The United Nations’ top court, also known as the World Court, did not specify the exact amount in its ruling on Thursday but said it would be determined in a later phase.

In a blow for Tehran, however, the tribunal in The Hague said it did not have jurisdiction over $1.75bn in frozen assets from Iran’s central bank held in a Citibank account in New York, by far the largest amount claimed back by Tehran.

ICJ Vice-President Kirill Gevorgian said the majority “upholds the objection to jurisdiction raised by the United States of America relating to the claims of the Islamic Republic of Iran” in regard to the bank.

The case was initially brought by Tehran against Washington in 2016 for allegedly breaching a 1955 friendship treaty.

In hearings last year, the US argued the case should be dismissed because Iran has “unclean hands” and the asset seizures were the result of its alleged sponsoring of “terrorism”. It added the money was to be given in compensation to victims of a 1983 bombing in Lebanon and other attacks linked to Iran.

The court on Thursday dismissed this defence entirely and ruled the treaty – signed long before Iran’s 1979 revolution – was valid.

The toppling of the US-backed shah and the establishment of the new government after the revolution severed US-Iranian relations, and Washington withdrew from the treaty in 2018.

Nonetheless, the ICJ ruled that it was still in place at the time of the freezing of the assets of Iranian commercial companies and entities, and that therefore Washington violated the treaty.

According to the judges, however, the court has no jurisdiction over the $1.75bn in assets held by the US because Iran’s central bank – known as the Bank Markazi – is not a commercial enterprise, and thus not protected by the treaty.

Iran said the court had demonstrated the legitimacy of its position and the “illegal” behaviour of the US.

“The verdict of the International Court of Justice handed down on March 30 shows once again the legitimacy” of Iran’s positions “and the illegal behaviour of the United States,” Tehran’s foreign ministry said in a statement.

The US said the ruling was a “major victory.”

“The court’s decision today rejected the vast majority of Iran’s case, including notably Iran’s claims on behalf of Bank Markazi,” said acting legal adviser Richard Visek of the US Department of State.

“This is a major victory for the United States and victims of Iran’s state-sponsored terrorism,” said Visek, who was at the reading of the verdict in The Hague.

The rulings of the ICJ are binding, but the court has no means of enforcing them. The US and Iran are among a handful of countries to have disregarded its decisions in the past.
Newsletter

Related Articles

Bermuda Post
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
'I just lost it' Lowe’s worker fired after 13 years of employment for confronting thieves trying to steal $2K of merchandise
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
×