Region: Iran, Islamic Republic of

Bahrain held liable for political expropriation

Bahrain has been ordered to pay over €200 million damages plus costs to two Iranian state-owned banks for the unlawful expropriation of their banking venture in Manama in an act of "political retribution" in the wake of the 2015 Iran nuclear deal – but the state says a set-off means the financial value of the award could be eroded to nothing.

22 November 2021

ECJ bars attachment of sanctioned assets

A Kuwaiti company’s efforts to collect on a billion-dollar award against Libya may have been dealt a blow after the European Court of Justice ruled that EU law precludes the attachment of assets that have been frozen as a result of international sanctions.

11 November 2021

Iran’s central bank threatens treaty claim against South Korea

The Central Bank of Iran has threatened South Korea with a US$7 billion investment treaty claim over the freezing of Iranian assets in its banks.

04 November 2021

Iranian state oil company ordered to pay damages

Emirati energy company Dana Gas says it will receive US$607.5 million from a long-awaited final award against an Iranian state-owned entity over a terminated gas supply deal, while a much larger second arbitration continues.

28 September 2021

Iran's Central Bank takes on Bahrain

With tensions between Iran and Bahrain running high in part owing to recent criminal verdicts and an ongoing treaty arbitration, the Central Bank of Iran has reported that it has begun a fresh claim of around US$1 billion against Bahrain over investments in the banking sector allegedly lost in the aftermath of the 2015 Iran nuclear deal.

09 August 2021

Iranian state entity fails to overturn billion-euro award

A Swiss court has upheld an ICC award requiring the National Iranian Gas Company to pay over €1.5 billion to a Turkmen state entity, dismissing arguments that US sanctions make payment impossible.

25 February 2021

Interim award upheld in mega-claim over Iranian gas

Iran’s national oil company has failed to overturn an interim award in favour of the UAE’s Crescent Petroleum in an US$18.6 billion dispute over a terminated gas supply deal.

22 September 2020

ICC panel rules in Turkmen-Iranian gas dispute

Turkmenistan’s national gas company Turkmengaz has reportedly been awarded around US$2 billion in an ICC claim concerning payments for the supply of natural gas to Iran.

30 June 2020

Hague tribunal orders return of Iranian assets

The Iran-US Claims Tribunal in The Hague has ruled in a long-running dispute over Iranian physical assets that were frozen during the 1979 hostage crisis – ordering the US to pay over US$29 million in damages to Iran and return several antique musical instruments including a Stradivarius.

16 March 2020

Iran fails in appeal over EU sanctions

The Court of Appeal in London has confirmed that Iran’s Ministry of Defence is not entitled to interest that has accrued on a £128 million ICC award against a UK state-owned entity following the imposition of EU sanctions – saying the measures were intended to have “confiscatory consequences.”

13 February 2020

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