Report: Paris court upholds decision to seize Russian property

MOSCOW, Dec 17 (PRIME) -- The Court of Appeal of Paris has upheld a decision to seize Russian property under the case of defunct oil company Yukos, news agency Agence France-Presse reported on Thursday.

In 2003, the Russian government accused management of then major oil company Yukos of economic crimes. Several company officials were sentenced to jail for fraud and tax evasion. Its core owner, Mikhail Khodorkovsky, was jailed with several consequential sentences and spent 10 years in jail before he was pardoned by president. 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 Hague ruled that the Russian government should pay U.S. $50 billion compensation to Group Menatep Limited, which unites former Yukos owners. Russian authorities refused to fulfill the court order, and the shareholders sent claims to several countries, asking to help the fulfillment of the court order.

Later, Belgian and French bailiffs arrested assets of the Russian government and state-run companies under the case. Russian Justice Minister Alexander Konovalov said in early December that Moscow challenged the Hague court’s decision in seven to eight countries, including the U.K., the U.S., France, Germany, Belgium and other countries.

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