Iran told the justices of the International Court of Justice (ICJ) in The Hague, Netherlands, on Monday that the US had violated international law by establishing an “industry of litigation” against Tehran, illegally confiscating assets from Iranian companies.
Iranian lawyers claimed that the US violated a friendship pact from 1955 by permitting American courts to seize assets from Iranian companies, including $1.75 billion from Iran’s central bank, Reuters reported.
This was intended to compensate the victims of what the US claimed were Iranian-sponsored terrorist activities, which Iran denies supporting terrorism, filing a complaint to the ICJ in 2016.
The International Court of Justice has received a formal case from Iran seeking the return of approximately $2 billion in assets that have been frozen in the US.
While the US is reported to have withdrawn from the pact that stems the dispute, it will present its case on Wednesday in ICJ, while previously stating that by sponsoring terrorism Iran itself has breached the pact.
Tehran claims that Washington’s seizure of Iranian financial assets is illegal and that the funds are crucial for Iran’s troubled economy as a result of sanctions and soaring inflation.
The ICJ, commonly referred to as the World Court, is the highest tribunal of the UN that hears cases involving states. The US and Iran are two of the few nations that have ignored its decisions, even though the ICJ decisions are binding.