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The Swiss Federal Tribunal, the highest in the country, has ordered Israel to pay Iran $1.1bn after the former lost an appeal in a long-standing dispute over an oil pipeline that was built before the 1979 Islamic revolution. Israel was also ordered to pay Iran over $461,700 in court costs and legal fees.
The Federal Tribunal verdict dated 27 June ruled in favor of Iran, upholding a decision about a year ago by a lower Swiss court ordering Israel to pay Iran the $1.1bn compensation. But Israel has refused to pay on the grounds that under the laws of trade, it “cannot transfer funds to an enemy country,” according to a statement issued by the Finance Minister. (CONTINUED - 318 WORDS)