UN declares US freeze of part of Iran’s assets illegal
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The International Court of Justice recognized the freezing of part of Iran’s assets by the United States as illegal and, in this regard, instructed to pay compensation to the republic.
“The United States is obligated to pay compensation to Iran for the consequences and violations of international obligations,” the court said (cit. according to RIA Novosti).
According to Vice-Chairman of the Court Kirill Gevorgyan, such a decision was made in connection with the US violation of a number of international obligations, including “under Article 3, paragraph 1 of the Treaty of Friendship, Economic Relations and Consular Rights (between the United States and Iran) of 1955 .”.
It is specified that the amount of compensation will be determined later. Payments will need to be made within 24 months from the date of the verdict, Gevorgyan added.
At the same time, the court ruled that the Central Bank of Iran does not have the necessary jurisdiction over the frozen assets. In this regard, compensation will only apply to the frozen assets of some Iranian companies.
In June 2016, Iran sued the United States to challenge all the sanctions imposed on the republic and recognize the violation of obligations under the Treaty of Friendship, Economic Relations and Consular Rights of 1955 on the American side. October 2018 USA accepted decision to withdraw from the treaty. In the same year, a UN court recognized that Iran’s claim falls under the jurisdiction of an international court and declared it admissible.
US sanctions against Iran have been in effect since the Islamic revolution in the country in 1979. After that, the US has repeatedly expanded anti-Iranian restrictions. Prior to Russia’s special operation in Ukraine, Iran was the world leader in terms of the number of sanctions imposed.
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