The amount of money was placed into the country’s bank account in The Hague, the Netherlands, according to the Center for International Legal Affairs of the Legal Vice Presidency of the Iranian President on Sunday.
The case involves Iranian properties that had not been transferred to Iran after the conclusion of the Algiers Declarations.
“The Iran-United States Claims Tribunal issued Award No. 604 in favor of Iran and ruled that the US government must compensate for the damage it caused to the government of the Islamic Republic of Iran,” read the statement.
It went on to add, “Following repeated and persistent follow-ups by the Center for International Legal Affairs of the Legal Vice Presidency of the Iranian President to secure Iran’s rights based on the verdict, the amount of US$43 million has been deposited by the US government into the account of the Islamic Republic of Iran at a Dutch bank in The Hague in damages and its interest.”
The move comes as the United States has suffered a string of legal setbacks in international courts against the Islamic Republic.
Luxembourg released US$1.7 billion of Iran’s frozen assets following a ruling issued by the European country's Supreme Court, the Central Bank of Iran (CBI) reported on Saturday.
As reported, with the legal actions and follow-ups of the CBI, at the current stage, the legal obstacles to access US$1.7 billion assets of this bank in Luxembourg have been removed and this fund is now available to the Central Bank of Iran.
Back in September, the administration of the US President Joe Biden had given foreign banks a general waiver that allowed them to move US$6 billion of frozen Iranian assets from South Korea to Qatar without worrying about Washington’s sanctions.
With the waiver, banks in Europe, West Asia, and Asia could convert blocked Iranian funds in South Korea into cash that can be transferred to Qatar’s central bank and used by Tehran to buy non-sanctioned commodities without breaking US sanctions.
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