The High Court in London has rejected Russia’s request for state immunity over the payment of nearly $60 billion to former shareholders of Russian oil company Yukos. This was reported by Reuters Reference is made to the decision of Judge Sarah Cockerill.
On November 1, a court in London ruled in favor of former YUKOS shareholders Hulley Enterprises, Yukos Universal and Veteran Petroleum. As Cockerill noted in his decision, Russia is not entitled to immunity from the arbitral tribunal’s decision because it had previously agreed to submit the case to arbitration.
The dispute between the Russian Federation and the former majority owners of Yukos has been going on for more than 10 years. Shareholders are demanding compensation for the alleged nationalization of the oil company. In 2014, an arbitration court in The Hague accepted their demands and ordered the three companies to pay just over $50 billion. The court’s decision was later suspended and reinstated in 2020.
To date, the amount of compensation with interest has reached almost 60 billion dollars.
Previously reportedIt was stated that Russia owes more than 74 million Euros in compensation in accordance with the ECHR decisions.