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Although the United States reimposed sanctions after accusing Iran of not abiding by the the 2015 deal, Iran's lawsuit against the United States is based on a deal signed between the two countries 60 years earlier - 1955 Treaty of Amity, Economic Relations and Consular Rights.

Netanyahu, a vocal opponent of the 2015 Iranian nuclear deal, called the renewed sanctions "an important moment for Israel, the United States, the region, and the entire world". Berg, over time, a United Europe will be able to count on the supply of Iranian oil at discounted prices that will allow it finally to level dictated by the United States energy rates.

But their companies now face the risk of US penalties if they do business with Iran.

Tehran filed a suit against US President Donald Trump's decision to reimpose economic sanctions at the Hague-based International Court of Justice last month.

"We urge you to take all necessary steps to ensure the Society for Worldwide Interbank Financial Telecommunication (SWIFT) disconnects the Central Bank of Iran (CBI) and all other designated Iranian financial institutions", the senators wrote.

"That is good, more should follow, more will follow because Iran should not be rewarded for its aggression in the region, for its attempts to spread terrorism far and wide", he told a news conference during a visit to Lithuania. However, it remains to be seen if the US would abide by a court order to suspend sanctions on Iran.

The deal, which dealt with halting the nation's creation of nuclear weapons, also allowed for the lifting of economic sanctions that had largely prevented trade with the west in years prior. They are also concerned about the impact of sanctions on European business interests.

Iranians have already seen the effects of the sanctions for months, with Iran's rial losing half its value since Trump announced in May the USA would withdraw from the 2015 accord.

"But this case is unusual as it is a wholesale attack on worldwide law grounds, on the current snapback of USA sanctions against Iran", she said. Iran's currency the rial has lost around half its value since April. And even though all of the other parties pleaded with him not to abandon the pact, Trump pulled out and announced he would reinstate sanctions.

The move came three months after Trump withdrew from the Iranian nuclear deal.

The court adjourned after Monday s hearing, with Washington s lawyers scheduled to present their case on Tuesday.


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