BREAKING NEWS

U.S. rejects Iran's legal claim to recover $1.75 bln in frozen assets

By REUTERS

OCTOBER 8, 2018 15:26

THE HAGUE - The United States on Monday asked judges at the International Court of Justice to throw out a claim by Iran to recover $1.75 billion (1.5 billion euros) in national bank assets seized by US courts.

The US Supreme Court ruled in 2016 that the assets must be turned over to American families of victims of the 1983 bombing of a U.S. Marine Corps barracks in Beirut, among others.

The hearings at the tribunal were separate from Iran's claim relating to current US sanctions against Teheran.

Washington announced last week it would withdraw from the Amity Treaty after the tribunal ordered the US to ensure that sanctions against Iran do not affect humanitarian aid or civil aviation safety.

It will take a year for a withdrawal from the Amity Treaty to take effect and Iran's case against the asset seizure, which was filed in 2016, will continue regardless. The hearings in The Hague will run until Friday and focus on US objections to the UN's highest court's jurisdiction. No date for a ruling has been set.

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