Russia to Challenge Dutch Court’s $50bn Yukos Ruling: Foreign Ministry

Russia will fight to have a recent decision by the Hague Court of Appeal, obliging it to pay out over $50 billion to former Yukos shareholders, invalidated, Russian Foreign Ministry Spokeswoman Maria Zakharova said on Thursday, according to Rossiyskaya Gazeta.

“Russia repeatedly stated that the International Arbitration Court did not have the jurisdiction to consider the dispute, and its decision was a politically charged act that was issued in violation of due legal procedures. Russia, as already stated, will continue to seek its cancellation [of the decision] in the Supreme Court of the Netherlands,” she said.

This week, the Hague Court of Appeal reinstated an order of the Permanent Court of Arbitration in The Hague, which obliged Russia to pay $50 bln to the companies associated with former Yukos shareholders in 2014. Russia’s Justice Ministry said that it would appeal against the court’s decision.

According to Andrey Kondakov, who heads the International Center for Legal Protection, the court of appeal ignored the view of a district court in the Hague and the fact that the former shareholder of Yukos were not bona fide investors and committed a number of illegal acts.

He also told TASS that the decision of the Hague Court of Appeal obliging Russia to pay $50 billion to former shareholders of Yukos does not automatically translate to the seizure of Russia’s assets abroad.

The International Center for Legal Protection represents Russia’s interests in the case of Yukos in foreign courts.

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