Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

World Court rules US illegally froze some Iranian assets

World Court rules US illegally froze some Iranian assets

In a partial victory for Iran, judges at the International Court of Justice (ICJ) on Thursday ruled Washington had illegally allowed courts to freeze assets of some Iranian companies and ordered the United States to pay compensation but left the amount to be determined later.
However, in a blow for Tehran, the ICJ said it did not have jurisdiction over $1.75 billion in frozen assets from Iran's central bank.

Acting Legal Adviser Rich Visek of the U.S. State Department said in a written statement that the ruling rejected the "vast majority of Iran's case," notably where it concerned the assets of the central bank.

"This is a major victory for the United States and victims of Iran’s state-sponsored terrorism," Visek added.

On its Twitter account, Iran's foreign ministry claimed victory, saying the decision was proof of Iran's "righteousness and the violations by the US government".

The ruling comes amid heightened tensions between the United States and Iran after tit-for-tat strikes between Iran-backed forces and U.S. personnel in Syria last week.

Relations have been strained after attempts to revive a 2015 nuclear deal between Iran and major world powers stalled, and as Iranian drones are being used by Russia against Ukraine.

The case before the ICJ, also known as the World Court, was initially brought by Tehran against Washington in 2016 for allegedly breaching a 1955 friendship treaty by allowing U.S. courts to freeze assets of Iranian companies. The money was to be given in compensation to victims of terrorist attacks.

The Islamic Republic denies supporting international terrorism.

The 1950s friendship treaty was signed long before Iran's 1979 Islamic Revolution, which toppled the U.S.-backed shah, and the subsequent severing of U.S.-Iranian relations.

Washington finally withdrew from the treaty in 2018. Nonetheless, the ICJ ruled that it was in place at the time of the freezing of the assets of Iranian commercial companies and entities.

"The court has concluded the United States violated its obligations under ... the treaty of amity," presiding judge Kirill Gevorgian said. He added that Iran was entitled to compensation and the parties had 24 months to agree on an amount. If that did not work, the court would start new proceedings to determine compensations.

The judges also explained that the court had no jurisdiction over the $1.75 billion in assets from Iran's central bank held by the U.S. because that bank was not a commercial enterprise, and thus not protected by the treaty.

The rulings of the ICJ, the United Nations' top court, are binding, but it has no means of enforcing them. The United States and Iran are among a handful of countries to have disregarded its decisions in the past.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
Italy Faces Population Decline Amid Youth Emigration
Trump Accuses China of Violating Trade Agreement
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Russia Accuses Serbia of Supplying Arms to Ukraine
Gerry Adams Wins Libel Case Against BBC
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
EU Majority Demands Hungary Reverse Anti-LGBTQ+ Laws
Top Hotel Picks for 2025 Stays in Budapest Revealed
Iron Maiden Unveils 2025 Tour Setlist in Budapest
Chinese Film Week Opens in Budapest to Promote Cultural Exchange
Budapest Airport Launches Direct Flights to Shymkent
Von der Leyen Denies Urging EU Officials to Skip Budapest Pride
Alcaraz and Sinner Advance with Convincing Wins at Roland Garros
EU Ministers Lack Consensus on Sanctioning Hungary Over Rule of Law
EU Nations Urge Action Against Hungary's Pride Parade Ban
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
U.S. Considers Withdrawing Troops from Europe
Russia Deploys Motorbike Squads in Ukraine Conflict
Critics Accuse European Court of Human Rights of Overreach
Spain Proposes 100% Tax on Non-EU Holiday Home Purchases
German Intelligence Labels AfD as Far-Right Extremist
Geert Wilders Threatens Dutch Coalition Over Migration Policy
Hungary Faces Multiple Challenges Amid EU Tensions and Political Shifts
Denmark Increases Retirement Age to 70, Setting a European Precedent
Any trade deal with US must be based on respect not threats', says EU commissioner
UK Leads in Remote Work Adoption, Averaging 1.8 Days a Week
Thirteen Killed in Russian Attacks Across Ukraine
High-Profile Incidents and Political Developments Dominate Global News
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Ukraine and Russia Conduct Largest Prisoner Exchange of the War
×