Region: Iran, Islamic Republic of

Iranian state entity can’t appeal US$2.4 billion award

A London court has refused to allow Iran’s national oil company to appeal a US$2.4 billion award on a point of law while rejecting arguments the state entity had waived its right to bring such an appeal.

12 July 2022

Iranian gas award surfaces in US court

The UAE’s Crescent Petroleum has asked a US court to enforce a US$2.4 billion award against Iran’s national oil company, shedding light on a fraught 13-year arbitration that saw three arbitrators resign and a tribunal chair disqualified.

17 May 2022

UK settles debt with Iran as prisoners released

The UK government has paid a nearly £400 million arbitral debt to Iran as two British nationals are allowed to return home after years of detention in Tehran.

16 March 2022

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

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