Wednesday February 21, 2024
U.S. deposits $43m compensation in Iran's account at Dutch bank
Published : 09 Oct 2023, 01:05
The United States has deposited 43 million U.S. dollars in compensation for violating its obligations toward Tehran in Iran's account at a Dutch bank in the Netherlands under a ruling by the Iran-United States Claims Tribunal, reported Xinhua, quoting Iran's official news agency IRNA on Sunday.
"The Iran-United States Claims Tribunal issued Award No. 604 in favor of Iran and ruled that the U.S. government must compensate for the damage it caused to the Iranian government," reported IRNA citing a statement by the Center for International Legal Affairs of the Office of the Iranian Vice-President for Legal Affairs.
The case involves Iran's tangible properties of a non-military nature that had not been transferred to Tehran after the conclusion of the Algiers Declarations, which entered into force in January 1981, the statement said.
It added the compensation was deposited in Iran's account as judgment debt along with its interest rate.
According to IRNA, the United States has accepted successive legal defeats to Iran over the past months, of which the most important one was the ruling by the International Court of Justice that the U.S. had violated international law by allowing American courts to confiscate nearly 2 billion dollars in assets from Iranian companies, and must pay compensation, the amount of which will be determined later.
The Iran-United States Claims Tribunal came into existence as one of the measures taken to resolve the crisis in relations between Iran and the United States arising out of the takeover of the U.S. Embassy in Tehran in November 1979, and the subsequent freezing of Iranian assets by the United States.