MOSCOW, Sep 30 (PRIME) -- The Hague Court of Appeal will declare a U.S. $50 billion compensation case ruling by the Russian government to the former majority shareholders of defunct oil company Yukos on February 18, 2020, Andrei Kondakov, who acts on behalf of Russia, told PRIME on Monday.
“The ruling by The Hague Court of Appeal is expected on February 18, 2020,” Kondakov said.
In 2003, the Russian government accused the management of the then major oil company Yukos of economic crimes. Several company officials were sentenced to prison for fraud and tax evasion. Its core owner, Mikhail Khodorkovsky, was charged with several sequential sentences and spent 10 years in prison before he was pardoned by President Vladimir Putin. The company later declared bankruptcy, and its assets were sold to state-owned oil major Rosneft.
In July 2014, the Permanent Court of Arbitration in The Hague ruled that the Russian government must pay a $50 billion compensation to GML, which unites former Yukos owners. Russia refused to fulfill the court order, and the shareholders sent claims to several countries, asking to help with the fulfillment of the court order. Russian asset seizures began in France and Belgium, and the Russian government contested them.
The District Court of The Hague cancelled the lower court decision on compensation in April 2016 on the ground that the case is beyond the jurisdiction of the Permanent Court of Arbitration in Hague.
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