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News > Iran

Iran Welcomes The Hauge Court Ruling On US-Frozen Assets

  • International Court of Justice members at a hearing in The Hauge, Netherlands.

    International Court of Justice members at a hearing in The Hauge, Netherlands. | Photo: Twitter/ @cubadebatecu

Published 31 March 2023

"The U.S. duty to compensate our country for the assets freezing shows the legitimacy of our demands," the Irani Foreign Affairs Ministry stated. 

On Friday, the Irani Foreign Affairs Ministry welcomed the ruling of the International Court of Justice (ICJ), which did not approve the release of Iranian funds frozen by the U.S. but established that Washington must compensate Tehran for the damages caused.


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"This ruling shows Washington's breach of international obligations. The U.S. duty to compensate Iran is the most important testimony of the legitimacy of our demands,” the Ministry pointed out.

The ICJ members ruled that they have no jurisdiction to ask the United States to unfreeze US$2 billion assets of the Iranian central bank Markazi deposited in the First National City Bank of New York​ (Citibank).

However, the Court considered that Teheran is entitled to compensation since Washington violated the rights of some Iranian citizens and companies holding assets in Markazi.

“Both countries will have 24 months to reach an agreement on the repayment amount,” the ICJ judge Kirill Gevorgian stated.

Iran took the United States to the Hague Court in 2016 when the U.S. Supreme Court ruled that Washington should use the assets concerned to compensate victims of terrorist attacks attributed to Teheran.

Among such attacks, Washington mentioned the one that killed 241 soldiers in Beirut in October 1983 and the 1996 bombing of Saudi Arabia’s Khobar Towers, where 19 people died. Iran denies any responsibility for these actions.

“The blocked resources were essential for our country since we were experiencing an economic crisis. In addition, their freezing violated the 1955 Treaty of Friendship that the U.S. signed with us,” the Iraini Justice Ministry stressed.

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