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European court reinstates order for Russia to pay $50 billion over Yukos
A Dutch appeals court has reinstated an international arbitration panel’s ruling that Russia should pay $50 billion in compensation to shareholders of the defunct Russian oil giant Yukos, overturning a previous court decision.
The Hague Court of Appeal ruled that the 2016 decision cancelling the arbitration decision “was not correct. That means that the arbitration order is in force again.”
Russian Justice Ministry said immediately after the ruling it would appeal the court's decision.
The arbitration panel had ruled that Moscow seized control of Yukos in 2003 by hammering the company with massive tax claims.
In April 2016, the Hague's District Court had overturned a decision by the Permanent Court of Arbitration ordering Russia to compensate shareholders in the company once owned by oligarch Mikhail Khodorkovsky.
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