Iran withdrawing $4B lawsuit against Russia
Baku, Azerbaijan, Oct. 27
Iran will withdraw its $4 billion lawsuit against Russia with regard to failure to deliver S-300 missile systems, RIA Novosti quoted Anatoly Isaikin, head of Rosoboronexport, as saying Oct. 27.
"There is an agreement with the Iranian side to withdraw the claim," said the head of Rosoboronexport, a Russian agency for exports and imports of defense-related and dual use products, technologies and services.
Earlier Isaikin expressed confidence that the contract will be executed.
Russia and Iran signed a contract to supply five battalions of S-300 in 2007, but in 2010, Dmitry Medvedev, the then president of Russia, banned the delivery of these systems to Tehran.
An over $800 million contract was cancelled, and the advance payment was returned to Iran.
Iran, however, filed an almost $4 billion lawsuit at the Geneva Court of Arbitration with regard to Russia's failure to execute the deal.
This year, Russian President Vladimir Putin lifted the ban on the delivery of S-300 systems to Iran.
Edited by SI