Freezing Assets: The USA and the Most Effective Economic by Mahvash Alerassool
By Mahvash Alerassool
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Extra resources for Freezing Assets: The USA and the Most Effective Economic Sanction
Most of the assets in the third category are still frozen in the United States. The executive order blocking the assets specifically included Iranian deposits in the overseas branches of US banks. The extraterritorial application of the freeze order shocked and angered the international banking community. US Treasury Secretary William Miller and officials of the Federal Reserve Bank of New York were dispatched to Europe and the Middle East to explain the need for freezing overseas assets and ask for the cooperation of the Europeans to implement the freeze order.
Payments of principal and interest were to be made to Chase London as agent for distribution amongst the lending banks. ls In clause 28 of the contract, Chase had specifically agreed that proceedings with respect to the loan agreement could be brought in the courts of England. On 15 November 1979, an instalment of over $4 million interest was due by the government of Iran on this loan.
82 Nevertheless, Bani Sadr's threat was useful in that it provided grounds for the argument that Iran was threatening US banks and the dollar which if carried out would have been a threat against the stability of international financial markets. This argument was used by US banks and other companies in the litigation that followed the freeze both in the US and European courts. In his report to Congress, later on 14 November President Carter outlined the reasons for the freeze as follows: '1 - The circumstances necessitating the exercise of this authority are the current events in Iran and the recent activities of the government of Iran.