January 17, 2016 / 3:37 PM / 3 years ago

Iran to receive $1.7 bln in U.S. claim settlement at the Hague

WASHINGTON, Jan 17 (Reuters) - The United States and Iran on Sunday settled a longstanding claim at the Hague, releasing to Tehran $400 million in funds frozen since 1981 plus $1.3 billion in interest, the State Department said.

The funds were part of a trust fund once used by Iran to purchase military equipment from the United States but which was tied up for decades in litigation at the Iran-U.S. Claims Tribunal. The settlement announcement was made after Tehran released five American detainees in a prisoner swap as a nuclear deal was implemented. (Reporting by David Lawder; editing by Susan Thomas)

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