Rosneft says all disputes with Yukos owners solved

MOSCOW, Apr 1 (PRIME) -- Russian oil major Rosneft and its affiliates have signed an agreement solving all disputes with shareholders of defunct company Yukos, Rosneft said in a statement Wednesday.

“In accordance with the terms of the agreement, its participants withdraw from all mutual claims and discontinue all existing disputes in and out of court, and they commit to not presenting any mutual claims regarding the bankruptcy and liquidation of Yukos in the future,” Rosneft said. The agreement will be enforced in all jurisdictions of Yukos’ owners, it said.

The agreement does not include any payments to the shareholders by Rosneft.

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 spent 10 years in jail before he was pardoned by President Vladimir Putin in December 2013. The company was declared bankrupt, and its assets were sold to state-owned Rosneft.

The European Court of Human Rights ruled in 2014 that the Russian government redeem 1.86 billion euros in losses of former owners of Yukos but Russia doubts it will fulfill the order, Deputy Justice Minister Georgy Matyushkin said in March.

Also last year the Permanent Court of Arbitration in Hague ruled that Russia must pay U.S. $50.085 billion compensation to Yukos owners, the government has submitted three appeals since then.

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