Yukos ex-shareholders withdraw lawsuit on seizure of Russian property in Belgium
JPEG - 106.5 kb

RAPSI | 2 November 2017

Yukos ex-shareholders withdraw lawsuit on seizure of Russian property in Belgium

Court proceedings over seizure of Russian property in Belgium, initiated by former shareholders of Yukos oil corporation, have been cancelled, the press-release of the International Centre for Legal Aid reads on Thursday.

According to the Centre, this development means final lift of Russian property’s arrest in Belgium.

After a court in Belgium lifted the arrest in June 2017 the plaintiffs appealed the ruling. In few months they withdrew the lawsuit.

At the moment, all enforcement proceedings against Russia initiated by the company’s former owners were postponed or cancelled. At the same time, the legal dispute in The Hague continues.

In October, the Centre announced that similar proceedings were cancelled in France.

In July 2014, the Permanent Court of Arbitration ordered Russia to pay former shareholders of Yukos about $50 billion in compensation. This decision was overruled by the District Court of The Hague in April 2016. Now, the dispute will be reviewed by The Hague Court of Appeal.

source: RAPSI