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Obligation to Replenish Iran-U.S. Claims Tribunal Security Account

Published online by Cambridge University Press:  10 March 2017

Sean D. Murphy
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Abstract

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Type
Contemporary Practice of the United States Relating to International Law
Information
American Journal of International Law , Volume 95 , Issue 2 , April 2001 , pp. 414 - 416
Copyright
Copyright © American Society of International Law 2001

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References

1 Declaration of the Government of the Democratic and Popular Republic of Algeria, Jan. 19, 1981, para. 7, reprinted in 1 Iran-U.S. CI. Trib. Rep. 3, 5-6 (1981-82) (emphasis added).

2 [Editor’s Note: Declaration of the Government of the Democratic and Popular Republic of Algeria Concerning the Settlement of Claims by the Government of the United States of America and the Government of the Islamic Republic of Iran, Jan. 19, 1981, reprinted in 1 Iran-U.S. CI. Trib. Rep. 9 (1983).]

3 At various times during the life of the Tribunal, the Security Account fell below $500 million, at which point Iran would replenish the account. Beginning in November 1992, however, Iran stopped replenishing the account, although in February 1996 Iran agreed that a portion of funds paid by the United States as part of a settlement could be deposited in the Security Account.

4 The Federal Reserve Bank of New York was a co-claimant based on a parallel obligation to replenish undertaken by Bank Markazi of Iran in a technical agreement concluded in 1981 to implement relevant parts of the Algiers Accords. See Technical Agreement with N.V. Settlement Bank of the Netherlands, Aug. 17, 1981, reprinted in 1 Iran-U.S. CI. Trib. Rep. 38 (1981-82).

5 At the time of the hearing in the case in November 1999, Iran noted that there were only two claims by U.S. nationals remaining against Iran, which would not realistically require more funds than already exist in the Security Account. The United States responded that there was also a counterclaim by the United States in Case B/l, the face value of which well exceeded $500 million.

6 Vienna Convention on the Law of Treaties, May 23, 1969, 1155 UNTS 331, reprinted in 8 ILM 679, 691 (1969). 7 United States v. Iran, Dec. No. 130-A28-FT, para. 54 (Iran-U.S. CI. Trib. Dec. 19, 2000).

8 Id., para. 58 (footnote omitted).

9 Id., para. 61.

10 Id., paras. 69-72.

11 Id., paras. 73-74.

12 Id., para. 95.