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2/13, 4:25 PM (Source: TeleTrader.com)
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ICJ: Iran can proceed with bid to reclaim $2B in frozen funds

The International Court of Justice (ICJ) ruled on Wednesday that Iran can proceed with its bid to reclaim $2 billion in assets which were frozen by the United States as compensation for victims of terror attacks for which the US blamed Iran. The court rejected Washington's attempt to have the lawsuit dismissed as a result of Tehran's alleged support for terrorism.

In 2016, the US Supreme Court said the Iranian frozen funds should be used to compensate about 1,000 survivors and relatives of those killed in a terror attack in Beirut in 1983, as well as a bombing in Saudi Arabia in 1996.

Despite ICJ rulings being binding, the United Nations court has no way to enforce them. Last year, the ICJ ordered the US to lift its sanctions against Iran, after ruling the embargo was in violation of the 1955 Treaty of Amity. However, Washington called the court's decision "meritless" and withdrew from the treaty as a result.

Breaking the News / NP