Latest development Feb 25, 2021
A Swiss court upheld the award and rejected NIGC’s sanctions defense.
The award
- Amount awarded
- More than €1.5B (GAR, 2021). GAR reported in June 2020 that Turkmengaz had been awarded around $2B.
- Award holder
- Turkmengaz (Turkmenistan’s state gas company)
- Respondent
- National Iranian Gas Company (NIGC)
- Forum
- ICC · payment for gas supplied to Iran · challenge heard in Switzerland
Challenges
A Swiss court upheld the award in February 2021 and rejected NIGC’s argument that U.S. sanctions made payment impossible (GAR).
Enforcement
None found
Recovered to date
None reported
Notes
Payment, settlement or enforcement after February 2021 not verified. The exact award date and amount and the Swiss court’s level were not verified.