International Court of Justice — Jurisdiction — Jurisdiction ratione materiae — Whether Bank Markazi a company under Article III(1) of Treaty of Amity, Economic Relations, and Consular Rights, 1955 — Whether Bank Markazi’s activities commercial — Purpose of Bank Markazi’s activities — Link between Bank Markazi’s activities and its sovereign functions — Admissibility — Whether Iranian entities exhausting local remedies in the United States — Whether remedies in United States’ legal system effective — Defences on the merits — “Clean hands” doctrine — Whether sufficient connection between wrongful acts imputed to Iran and Iran’s claims — Abuse of rights — Whether Iran invoking rights for purpose other than that for which rights created — Article XX(1)(c) and (d) of 1955 Treaty — Whether United States’ measures seeking to regulate production or traffic in arms — Whether United States’ measures necessary to protect essential security interests

Treaties — Interpretation — Application — Alleged violations of Treaty of Amity, Economic Relations, and Consular Rights, 1955 — Article III(1) of 1955 Treaty — Article IV(1) of 1955 Treaty — Link between provisions — Scope of duty to recognize juridical status of entities under Article III(1) — Whether question being existence of company rather than company’s separateness — Meaning of “fair and equitable treatment” — Denial of justice — Whether provisions removing separateness of companies amounting to denial of justice — Whether United States’ measures “unreasonable” or “discriminatory” — Whether measures manifestly excessive — Article III(2) of 1955 Treaty — Whether Article III(2) conferring procedural and substantive rights or merely access to courts — Whether Iranian companies’ access to United States’ courts limited — Article IV(2) of 1955 Treaty — Whether United States’ measures expropriatory — Illegality — Whether “most constant protection and security” protecting against both physical and legal harm — Article V(1) of 1955 Treaty — Whether Article V(1) applying to cases of expropriation — Article VII(1) of 1955 Treaty — Meaning of “restrictions” — Whether Iran’s claims relating to exchange restrictions — Article X(1) of 1955 Treaty — Whether financial transactions falling within meaning of “commerce” — Whether commerce taking place between the territories of United States and Iran — Whether United States’ measures actual impediments to commerce — Remedies — Cessation — Compensation — Satisfaction