Britain agrees to pay £400m loan to Iran to break 1974 contract

Britain agrees to pay £400m loan to Iran to break 1974 contract

https://br.sputniknews.com/202111112/reino-unido-aceita-pagar-divida-de-400-milhoes-de-libras-ao-ira-por-contrato-quebrado-de-1974-19251823.html

Britain agrees to pay £400m loan to Iran to break 1974 contract

Britain agrees to pay £400m loan to Iran to break 1974 contract

The Iranian Vice Chancellor, Ali Bagheri Kani reported that Iran and the United Kingdom reached an agreement on the payment of a loan amounting to 400 million to Tehran … 12.11.2021, Sputnik Brasil

2021-11-12T05:44-0300

2021-11-12T05:44-0300

2021-11-12T05:57-0300

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Kani said the issue was addressed in a meeting with British diplomats on Thursday (11). He said the talks were “serious” and that the agreement is a step forward in rectifying differences between the two countries, according to the Bloomberg agency. In 2012, the International Court of Justice of the United Nations ruled that the United Kingdom must pay damages for violating a contract signed between the International Military Services Company and Iran in 1974. According to the contract, the British company was supposed to deliver more than 1,000 tanks to Iran, but due to the 1979 Iranian Revolution and the rise of Islamic clerics to power, London refused to fulfill the terms of the contract. Until now, Tehran had not received compensation. British officials said they could not pay the debt because Iran’s defense ministry was under sanctions.

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Defense Court Tank Iran Armored Vehicles Europe Sanctions

Iranian Deputy Chancellor Ali Bagheri Kani said Iran and the United Kingdom had reached an agreement in 1979 to repay Tehran’s £400m (£2.8 trillion) loan for breaches of a delivery contract for the tanks.

Kani said the issue was raised in a meeting with British diplomats on Thursday (11).

He said the talks were “serious” and that the agreement is a step forward to address differences between the two countries, Second Bloomberg Agency.

According to the Iranian vice chancellor, “there is agreement on the main issue regarding the payment of the loan and its value, but the method and procedure of how the payment will be made is yet to be resolved”.

In 2012, the United Nations International Court of Justice ruled that the United Kingdom must pay damages for violating a contract signed between the International Military Services Company and Iran in 1974.
Under the contract, the British company was to deliver over 1,000 tanks to Iran, but because of 1979 Iranian Revolution and with the rise of Islamic clerics to power, London refused to fulfill the terms of the contract,
Until now, Tehran had not been able to obtain compensation. British officials said they could not pay the debt because Iran’s defense ministry was under sanctions.

About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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