An Israeli oil company has been ordered by a Swiss court to pay $1.1 billion to Iran in compensation in a long-standing legal battle related to a joint venture before the Islamic Revolution, the IRNA news agency says.

Citing an “informed source” at Iran’s Presidential Center for Legal Affairs, IRNA said the ruling relates to the Israeli company’s sale of Iranian oil and withholding the money.

Iran has been conducting three arbitration suits against Israel at French and Swiss courts in a legal tussle estimated worth several billion dollars.

The case relates to a joint venture established in 1968 under the defunct shah of Iran to ship the country’s oil to the Israeli port of Eilat in the Mediterranean for export to Europe.

Iran cancelled the contract after the Islamic Revolution of 1979 because the country doesn’t recognize Israel.

Tel Aviv, instead, expropriated Iran’s assets and launched its own litigation offensive against the Islamic Republic, which has been dismissed at international courts.