Region: Iran, Islamic Republic of

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

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

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

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

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

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

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

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

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

Three decades after it was set up to defuse the Iranian hostage crisis, the Iran-United States Claims Tribunal in The Hague is still arbitrating cases worth tens of billions of dollars. Sebastian Perry charts its impact on a generation of practitioners.

27 April 2012