The Israeli-owned oil firm, the Trans-Asiatic Oil Ltd., also known as TAO, have been ordered to pay $1.2 billion to the National Iranian Oil Company (NIOC) by the Swiss based arbitration court.
According to the Lausanne based court, with sanctions lifted against NIOC, there is no legal obstacle in transferring the payments that originate from before the 1979 Islamic Revolution in Iran.
Along with the $1.2 billion owing, the Israeli company also has to pay $200,000 in court costs. This still falls short of the estimated $7 billion still owing to Iran by the Israeli firm.
Although the same court in Switzerland ruled in 2015 that Israel pay the money owed, Tel Aviv had appealed.