Israel Ordered to pay Iran $1.1bn

Israel has reporedly been ordered to pay Iran around $1.1 billion plus interest in a dispute that pre-dates the 1979 Islamic revolution.

Switzerland’s highest court made the ruling in a case regarding the Eilat-Ashkelon Pipeline Co (EAPC), a joint venture set up in 1968, when the two nations were on friendly terms, to transport Iranian oil to the Mediterranean.

According to Reuters, the pipeline operated successfully for a decade, but since the Islamic revolution Iran has been demanding its share of revenues and assets that remained in Israel.

It says that since the partnership collapsed, EAPC has grown into a complex of energy assets, now mostly handling oil from former Soviet states; how much profit it has made or how much it is worth is unknown, largely because it is protected in a similar way to Israel’s intelligence agencies, including by gag orders restricting coverage of its activities.

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

(Source: Reuters)

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