Share Tweet Pocket Add to Bookmarks
You're reading: Hague Court grants suit filed by former Yukos owners against Russia
Popular
on social media

The lawsuit (in which the plaintiffs claimed over $100 billion) was filed in 2005 by the GML subsidiaries Hulley Enterprises (Cyprus) and Yukos Universal Limited (Isle of Man), which held a controlling package in Yukos. The plaintiffs alleged that Article 45 of the Energy Charter protects investors from assets expropriation by the state. In late 2009, a court ruled that the former owners of Yukos had a right to protection of their interests under the provisions of the charter. Russia has signed the Energy Charter Treaty, but has not ratified it. Nevertheless, the court found that Russia must fulfill the requirements of the charter in the Yukos case.

Sources have told Kommersant the court decision was unanimous. The compensation was halved, but is still astronomical ($50.02 billion). This amount includes the value of Yukos at the moment of the end of the bankruptcy proceedings in the company in 2007, which was based on the market indexes of oil and gas companies plus potential dividends that GML could have received.

Russia has until Jan. 15, 2015 to make the payment. If no payment is made by this date, interest will begin to be added. Russia can file claims with Dutch courts seeking the annulment of this decision within ten days beginning from July 28, sources told Kommersant.

Exclusive article

Sign up or subscribe to view more articles.
See All Plans
$5.95
Monthly plan
Get unlimited article access, anytime, anywhere.

Subscribe
$60
Yearly plan
Access all the exclusive content on KyivPost.com and the complete online archive.
Subscribe
Advertisement

Add comment

Sorry, you must be logged in to post a comment.
More in this section
Attention

Add a picture
Choose file
Add a quote
Attention

Are you sure you want to delete your comment?

Attention

Are you sure you want to delete all user's comments?

Attention

Are you sure you want to unapprove user's comment?

Attention

Are you sure you want to move to spam user's comment?

Attention

Are you sure you want to move to trash user's comment?

Spelling error report

The following text will be sent to our editors: