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U.S. explains $1.7 billion payout to Iran

This news story was published on January 18, 2016.
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Deal struck and now being monitored

Deal struck and now being monitored

WASHINGTON, D.C. – The United States and Iran on Sunday settled a long outstanding claim at the Iran-U.S. Claims Tribunal in the Hague in connection with the nuclear deal.

This specific claim was in the amount of a $400 million Trust Fund used by Iran to purchase military equipment from the United States prior to the break in diplomatic ties. In 1981, with the reaching of the Algiers Accords and the creation of the Iran-U.S. Claims Tribunal, Iran filed a claim for these funds, tying them up in litigation at the Tribunal.

This is the latest of a series of important settlements reached over the past 35 years at the Hague Tribunal. In constructive bilateral discussions, we arrived at a fair settlement to this claim, which due to litigation risk, remains in the best interests of the United States.

Iran will receive the balance of $400 million in the Trust Fund, as well as a roughly $1.3 billion compromise on the interest. Iran’s recovery was fixed at a reasonable rate of interest and therefore Iran is unable to pursue a bigger Tribunal award against us, preventing U.S. taxpayers from being obligated to a larger amount of money.

All of the approximately 4,700 private U.S. claims filed against the Government of Iran at the Tribunal were resolved during the first 20 years of the Tribunal, resulting in payments of more than $2.5 billion in awards to U.S. nationals and companies through that process.

There are still outstanding Tribunal claims, mostly by Iran against the U.S. We will continue efforts to address these claims appropriately.

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3 Responses to U.S. explains $1.7 billion payout to Iran

  1. Avatar

    Anonymous Too Reply Report comment

    January 18, 2016 at 10:43 am

    Looks like Iran won the Powerball too! Sad!!

    • Avatar

      LVS Reply Report comment

      January 18, 2016 at 12:21 pm

      Yes, and they won’t have to pay any taxes on it.

  2. Avatar

    Chronic Waste Reply Report comment

    January 18, 2016 at 6:03 am

    And no one believed Ron Paul. What a pity.