Switzerland Orders Israel to Pay $1.1 Billion to Iran

Switzerland’s highest court has ordered Israel to pay Iran around $1.1 billion plus interest in a decades-old dispute over a secretive oil pipeline company predating the 1979 Islamic revolution which made the countries enemies.

The Swiss Federal Tribunal rejected an appeal, citing lack of due process, against an arbitration ruling last year. The verdict, dated June 27, was available on the Lausanne court’s website.

It also awarded Iran 450,000 Swiss francs ($461,302) in court costs and lawyer fees.

It remains unclear whether Israel will pay up given restrictions its “trading with the enemy” laws.

Lawyers for each side had been locked in an arbitration over the Eilat-Ashkelon Pipeline Co (EAPC), a joint venture set up in 1968, when the two nations were friendly, to transport Iranian oil to the Mediterranean.

For a decade, the pipeline successfully carried oil from the Red Sea for export to Europe. But since the Islamic revolution that brought the ayatollahs to power, Iran has been demanding its share of revenues and assets that remained in Israel.

Since the partnership collapsed, EAPC has grown into a complex of energy assets, now mostly handling oil from former Soviet states.

Full article: Switzerland Orders Israel to Pay $1.1 Billion to Iran (TruNews)

Comments are closed.