ICJ To Deliver Verdict on Iran’s Bid To Unblock $2B in Frozen Assets

The International Court of Justice (ICJ) is set to deliver its verdict Thursday on Iran’s bid to unfreeze nearly $2 billion in assets, which were blocked by the United States over alleged terror attacks. Tehran took its case to the UN’s top tribunal in 2016 after the US Supreme Court ruled that the assets should be used to pay survivors and families of attacks that were blamed on Iran. The judgment comes amid escalating tensions between the two countries over Iran’s nuclear program, its support for Russia’s war in Ukraine, and recent US strikes on Iran-backed groups in Syria.

Iran argues that the US illegally froze the assets and that the Islamic Republic needs them to mitigate the economic difficulties caused by the nuclear sanctions. The US Supreme Court had ruled that the assets, which include $1.75 billion belonging to Iran’s Central Bank and some from Iranian firms, should be used to compensate victims of terrorist attacks. These attacks included the 1983 bombing of a US Marine barracks in Beirut, which killed 305 people, including 241 US soldiers, and the 1996 Khobar Towers bombing in Saudi Arabia, which killed 19 people. However, Iran denies being responsible for the attacks and alleges that the freeze breaches the 1955 Treaty of Amity signed by Tehran and Washington.

The ICJ verdict is binding and cannot be appealed, but the court has no enforcement powers. Countries can, however, complain to the UN Security Council if another state fails to obey a judgment. The US has previously tried to get the lawsuit thrown out, with its lawyers alleging that Iran had “unclean hands,” a reference to Tehran’s alleged backing of terrorist groups.