ERBIL, Kurdistan Region of Iraq - Iran has objected to a UK Court of Appeal ruling that upheld an Emirati company's right to seize a state-owned Iranian oil company's prime London property to enforce a $2.43 billion arbitration award, state media reported on Monday.

Iran's state-owned IRNA news agency on Monday, citing an informed source, said that the objection challenges the recent ruling on the transfer and potential confiscation of the National Iranian Oil Company (NIOC) building in London.

“The Islamic Republic of Iran’s lawyers have objected to the recent ruling of the British Court of Appeal regarding the transfer and possible enforcement of the confiscation order of the National Iranian Oil Company (NIOC) building in London in favor of the Emirati company Crescent,” the IRNA report said.

Iran filed its formal objection on October 3, and the UK court is expected to rule on whether to accept or reject the challenge in the coming days.

The property in question, known as NIOC House, is a commercial building in central London, near the UK parliament, and is estimated to be valued at over £100 million (roughly $130 million). It is a key target in the long-running, multi-jurisdictional effort by Crescent Gas Corporation Ltd (CGC), a subsidiary of Crescent Petroleum, to recover its losses.

The dispute stems from a 2001 gas supply contract, which NIOC failed to honor. CGC initiated arbitration in 2009, leading to a Partial Award on Remedies in 2021 that ordered NIOC to pay the $2.43 billion to CGC.

The UK ruling is the latest legal setback for NIOC. The Court of Appeal had dismissed NIOC’s attempt to shield the asset by upholding a lower court’s finding that NIOC transferred the property with the intent of evading creditors.