Friday 31 March 2023 - 14:48

ICJ: US Violated Int’l Law by Freezing Iran’s Assets, Orders Compensation

Story Code : 1049804
ICJ: US Violated Int’l Law by Freezing Iran’s Assets, Orders Compensation
On Thursday, the ICJ said Washington's freezing of funds belonging to several Iranian individuals and companies, including $1.75 billion from the Central Bank of Iran [CBI], was “manifestly unreasonable.”

The court, however, said that it did not have jurisdiction to rule on the freezing of assets from the CBI.

Iran says the US has created an industry of litigation against it in breach of international law as Tehran opens its bid at the ICJ to unfreeze billions of dollars in assets held by Washington.

In reaction, the Iranian Foreign Ministry said the verdict demonstrates the legitimacy of the Islamic Republic’s positions and the illegal behavior of the US.

“As per this important ruling, the court rightfully dismissed the unsubstantiated defenses of the United States and recognized Iran as the rightful party by emphasizing the former’s violation of its commitments. The US obligation to compensate for the losses will be the most cogent reason for the legitimacy of the request of the Islamic Republic of Iran,” the ministry said in a statement.

It added that Tehran “considers it as one of its inherent duties to press for the rights of the Iranian nation, and will utilize all diplomatic, legal and judicial means and channels to demand the rights of the honorable Iranian people and the national interests of Iranians.”

The case before the ICJ was initially brought by Tehran against Washington in 2016 for breaching a 1955 friendship treaty, signed before the 1979 Islamic Revolution, by allowing American courts to freeze the assets of Iranian companies.

Also known as the World Court, the ICJ is the United Nations' top court dealing with disputes between countries. Although the ICJ's rulings are binding, it has no power to enforce them.