Russia appeals decision of Hague Court of Appeal on Yukos

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TASS | 15 May 2020

Russia appeals decision of Hague Court of Appeal on Yukos

MOSCOW, May 15. /TASS/. Moscow has appealed the decision of the Hague Court of Appeal, which ruled to recover $57 bln from Russia for the benefit of former shareholders of Yukos oil company, a spokesperson with Russia’s Justice Ministry told reporters on Friday.

"On May 15, the Russian Federation filed a cassation appeal with the Supreme Court of the Netherlands, demanding the cancellation of the decision of the Hague Court of Appeal on the lawsuit of the former majority shareholders of the Yukos oil company, obliging Russia to pay $57 bln in compensation for the damage it allegedly caused," the ministry official said.

The ministry asserted that Russia would consistently defend its interests both in the cassation court of the Netherlands and in other jurisdictions.

On February 18, The Hague Court of Appeal reinstated an order of the Permanent Court of Arbitration in The Hague, which obliged Russia to pay more than $50 bln to the companies associated with former Yukos shareholders in 2014.

The appeal court ignored the opinion of The Hague District Court and the fact that ex-shareholders of Yukos were not bona fide investors as they had won control of the company’s assets through a number of unlawful actions, Head of the International Legal Protection Center representing Russia in the Yukos case Andrei Kondakov said earlier. According to him, the verdict does not mean an instant launch of the procedure to freeze Russian assets abroad.

source: TASS