Region: Iran, Islamic Republic of

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

Iran denied interest on ICC award because of EU sanctions

An English court has ruled that a UK government-owned supplier of military vehicles is not liable to pay interest on a £128 million award in favour of Iran’s Ministry of Defence that has accrued while it has been subject to EU sanctions.

25 July 2019

Iranian oil award survives Israeli challenge

An Israeli state-owned entity has lost its challenge against a US$1.12 billion award that compensates Iran’s national oil company for crude oil deliveries made just before the Iranian revolution of 1979.

27 July 2016

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