Israeli-owned oil company ordered to pay Iran $1.2 billion after losing appeal

‘An Israeli-owned oil company has been ordered by an arbitration court in Switzerland to pay Iran USD 1.2 billion in revenues for oil supplied to Israel before the 1979 Islamic Revolution.
The Swiss Supreme Court in Lausanne ordered the Israeli firm, the Trans-Asiatic Oil Ltd., or TAO, to pay the money to the National Iranian Oil Company (NIOC), the website of Israeli daily Haaretz reported on Monday.
According to the Swiss court, sanctions have been lifted against the NIOC, and there is now no legal obstacle in the way of transferring the long-overdue payment.’
Read more: Israeli-owned oil company ordered to pay Iran $1.2 billion after losing appeal