Source: Former owners of Yukos abandon claims vs Russia in India

NEW DELHI, Jul 28 (PRIME) -- Former shareholders of defunct oil company Yukos have abandoned their claims against Russia, which were filed in India, a source with knowledge of the situation told PRIME on Thursday.

“The fact that the Hague District Court cancelled the arbitration decision before shareholders of Yukos filed claim in India influenced the court significantly. The court took into account the fact that the decision was cancelled,” the person said.

Earlier, the Hague District Court to void a lower court ruling to award former shareholders of Yukos U.S. $50 billion in compensation from the Russian government.

The Permanent Court of Arbitration in Hague ruled in July 2014 that Russia must pay $50 billion to former owners of Yukos for the company’s bankruptcy ruling and asset nationalization. Russian authorities refused to fulfill the court order, and the shareholders sent claims to several countries, asking to help the fulfillment.

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