The court doesn't seem too interested in the rights of other countries, considering how they wrote off Namor's status as a ruling monarch. AFAIK, Old Atlantis has less interaction with the surface world than the moloids. I doubt they are even known about or recognized as a country.
TBH, I'm surprised Old Atlantis is even around, considering Sue dumped them on Namor after they did exactly what he said they would.
Ray's talking about the Old Atlanteans, who were the enemies of Namor's Atlantis back in prehistory.