July 28, 2014 – Court of Arbitration sitting at the Hague, Netherlands has ordered the Russian Government to pay shareholders of the defunct Russian oil company Yukos Oil the sum of $50 billion as damages.
Court of Arbitration Awards $50 Billion against Russia over Yukos Oil
The court said Russian officials, under President Vladimirovich Putin manipulated the legal system to bankrupt Yukos, and jail its boss, Mikhail Khodorkovsky for fraud and tax evasion.
Russia’s Foreign Minister, Mr. Sergei Lavrov said Russia would most likely appeal the decision against Yukos which was Russia’s largest oil producer.
“The Russian side, those agencies which represent Russia in this process, will no doubt use all available legal possibilities to defend its position, “Lavrov told BBC.
The claim was filed by a subsidiary for the financial holding company GML, which was the biggest shareholder in Yukos Oil Co.
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GML Executive Director Tim Osborne said majority shareholders of Yukos Oil were left without compensation for the loss of their investment when Russia illegally expropriated Yukos.
“It is a major step forward for the majority shareholders, who have been battling for over 10 years for this decision,” he said.
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