Hague court orders Russia to pay $50 billion in Yukos oil case
Source: Los Angeles Times
Hague court orders Russia to pay $50 billion in Yukos oil case
By ISABEL GORST
JULY 28, 2014, 4:30 AM | REPORTING FROM MOSCOW, RUSSIA
A court in the Netherlands has ordered Russia to pay more than $50 billion in damages to the former shareholders of the now defunct Yukos oil corporation that was dismembered in a controversial bankruptcy case nearly a decade ago.
In the ruling Monday, the Permanent Court of Arbitration in the Hague said it would award GML group just under half of its $114 billion claim to help compensate for losses incurred when the Kremlin expropriated Yukos in 2005.
This award is a major victory for us, said Tim Osborne, director of GML. After intense scrutiny, the tribunal confirmed what the claimants have been saying all along, namely that Yukos was destroyed, and its assets expropriated for political reasons.
Sergei Lavrov, the Russian foreign minister, said Russia would appeal against the Hague court ruling. Agencies representing Russia in the case would use all available legal options to defend its position, he said.
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