Swiss Court Orders Israel to Pay Iran 1 Million NIS for Shah-era Debt

Loss of appeal is latest in lengthy legal campaign being waged between Iran and Israel over oil revenues from partnership formed between nations before 1979 Islamic Revolution.

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The Trans-Asiatic Oil Company, which is controlled by Israel, lost its appeal of the arbitration decision that obligates it to pay back a debt of $1.2 billion to Iran’s national oil company.