Tuesday, 24 May 2022

Iran banks hail $270m compensation win over Bahrain

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Two leading Iranian banks have welcomed a decision by a Hague-based tribunal to order Bahrain to pay them more than $270 million in compensation for its 2015 closure of a bank they had supported. The November 9 ruling from the Permanent Court of Arbitration found that reporting failures that Bahrain alleged showed Future Bank was a front for sanctions-busting were insufficient grounds for effectively expropriating the Iranian banks’ money. It found that Bahrain’s motives had been primarily political, reflecting Gulf Arab anger at the nuclear agreement world powers had struck with Iran a few we…

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