Judgment in Certain Iranian Assets Case
United States Department of StateMar 30, 2023
On Thursday, the International Court of Justice (ICJ) ordered the US to pay compensation to Iranian companies after ruling that Washington had illegally allowed courts to freeze their assets.
The decision is a partial victory for Iran, with compensation to be determined later. However, in a blow for Tehran, the World Court said it doesn't have jurisdiction over $1.75B in frozen assets from Iran's central bank.
The ICJ’s ruling — which rejected the majority of Iran's case — is a massive victory for the US and the victims of Tehran's state-sponsored terrorism. Citing the Treaty of Amity, Iran sought to avoid its responsibility toward the families of the US peacekeepers who were killed in the 1983 bombing of the Marine Corps barracks in Beirut — a futile effort thanks to this decision.
While the ruling allows the US to escape accountability for its illegal seizure of Iran's Central banks' assets, in the long run, this is a major win for Tehran as it legitimizes its position and fractures the US' long-held — and arrogant — notion that it's untouchable. Vindicated by the ICJ’s decision, Iranian companies that have been preyed on by Washington are a step closer to justice.