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A file photo of oil storage containers on the shore of the Mediterranean Sea in Israel’s Ashkelon, (by Reuters)

An Israeli-owned oil company has been ordered by an arbitration court in Switzerland to pay Iran USD 1.2 billion in revenues for oil supplied to Israel before Iran’s Islamic Revolution of 1979.
The Swiss Supreme Court in Lausanne ordered the Israeli firm, the Trans-Asiatic Oil Company, to pay the money to the National Iranian Oil Company (NIOC), the website of Israeli daily Haaretz reported on Monday.
According to the Swiss court, sanctions have been lifted against the NIOC, and there is now no legal obstacle in the way of transferring the long-overdue payment.
The Israeli firm also has to pay roughly USD 200,000 in court costs.
(This item is being updated.)