Report: Swiss Court Orders ’Israel’ to Pay Iran $1B for Oil Deal

Local Editor

Switzerland's Court of Arbitration ruled this month that "Israel" must pay $1.1 billion it owed to Iran's national oil company, the official Iranian news agency IRNA reported on Wednesday.

The compensation ruling followed a long-running legal battle between the two governments over the revenues from an oil pipeline joint venture that dated back to before the Islamic Revolution.

"Eilat Ashkelon Pipeline" is a Zionist company founded in 1968 that operated the Eilat-Asqalan pipeline. The company was jointly owned by "Israeli" fuel companies and the "Israeli" and Iranian governments.

However, the 1979 Islamic revolution in Iran led to the dissolution of the partnership which began under the dictator Shah of Iran.

Further, IRNA cited an "informed source" at Iran's Presidential Center for Legal Affairs for its information about the court's ruling.

The joint venture was a project for selling Iranian oil to Europe via "Israel". The oil was shipped from Iran to Eilat and then transported to the Mediterranean seaport of Asqalan via the newly constructed Trans-"Israel" Pipeline.

IRNA said the ruling related to the "Israel's" sale of Iranian oil that it received on credit and never paid for.

Moreover, Switzerland's Federal Supreme Court had allowed Iranian clients to file an arbitration claim for $7 billion against the Zionist government.

If "Israel" does not pay, Iran reserved the right to try to sue the Zionist government in international courts and freeze its foreign bank accounts and assets, including property such as embassies.

Source: News Agencies, Edited by website team