Freezing Assets: The USA and the Most Effective Economic - download pdf or read online

By Mahvash Alerassool

ISBN-10: 0312086229

ISBN-13: 9780312086220

ISBN-10: 1349225320

ISBN-13: 9781349225323

ISBN-10: 1349225347

ISBN-13: 9781349225347

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NIOC had a similar arrangement with Chase which was agreed upon in January 1973. Accordingly, all the Iranian oil revenues were paid into NIOC's demand deposit account with Chase New York. Then any amount over $500 000 would be automatically transferred by Chase New York to NIOC's call account held with Chase London. Whenever the balance in the demand deposit account fell below $400000 an automatic transfer from the London account would be made to the New York account. 64 The funds in BMI's operating account in New York came from transfers made by the order of NIOC from its demand deposit account in New York.

Chase's reply, which was accompanied by a large number of documents including copies of loan agreements between Chase and different Iranian entities, consisted of two parts, the points of defence and Chase's counterclaims. Chase's points of defence can be divided into the following arguments. 1 The Blocking Order and Regulations Chase argued that the blocking order of 14 November 1979, and the regulations that were issued for the implementation of that order, stopped it from transferring any of BMI's deposits.

So Being the second largest producer in OPEC, Iran had huge liquid assets in the United States as well as some $3 billion debts to US financial institutions. US officials were concerned that a revolutionary government in Iran might withdraw Iranian assets from US financial institutions or repudiate Iranian debts to US banks, or both. Furthermore, they were worried about military sales contracts worth $12 billion. sl The Federal Reserve Bank of New York and US Treasury and State Departments started a close monitoring of the movements of the Iranian assets from and within the US banks and repayments of Iran's debts, from November 1978 to the time of the freeze one year later.

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Freezing Assets: The USA and the Most Effective Economic Sanction by Mahvash Alerassool


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