Oct 04, 2019 18:53 Asia/Tehran [Updated: Dec 28, 2019 15:40 Asia/Tehran]
  • Iranian ambassador to Britain Hamid Baeidinejad
    Iranian ambassador to Britain Hamid Baeidinejad

Iran's ambassador to Britain has described the UK Supreme Court ruling that the British Treasury should pay compensation to an Iranian bank, as an important legal victory for Iran.

Iran Press/Europe: Hamid Baeidinejad tweeted on Friday that the UK government has paid compensation to Bank Mellat based on the Supreme Court ruling issued four months ago.

According to an Iran Press report, Baeidinejad went on to say the Supreme Court of the United Kingdom ruled four months ago that the sanctions by the UK Treasury in 2009 against Bank Mellat were illegal.

Meanwhile, Bank Mellat has confirmed it had received the compensation from the UK Treasury.

Britain used the third country to avoid US sanctions as it paid an Iranian bank a settlement in a £1.25 billion damages case.

Bank Mellat, in which the Iranian government owns a 17 percent stake, had sued the UK government over the sanctions that prevented it from doing business with Britain’s financial sector.

The Supreme Court ruled that the sanctions were illegal and a five-week hearing of the bank’s claim for damages covering its loss of business had been scheduled for June.

Bank Mellat had sought £3.2 billion but this fell to £1.25 billion with interest.

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