European Court Issues EUR 2 B Verdict in Yukos Affair

World | July 31, 2014, Thursday // 17:26

The European Court of Human Rights ruled that the former shareholders of the former oil concern Yukos are to receive a EUR 1.9 B compensation from Russia.

This is the second sentence Russia has faced over the nationalization of Yukos in just a few days.

Moscow has seriously pushed down the value of the enterprise with fantasy taxes and a manipulated auction, the court found.

Russia's Justice Ministry criticized the verdict for being one-sided and unfair. An appeal is possible within 3 months.

On Monday, Russia was sentenced to pay a USD 50 B compensation to the former shareholders of Yukos by the Permanent Court of Arbitration in the Hague, Netherlands.

The enterprise used to belong to president Putin's government critic - Mikhail Khodorkovsky.

The former oligarch wasn't among the claimants because he dropped the fight for his property after years in a camp and an amnesty by the president Putin.

His speaker was very happy about the verdict, though. The decision was unprecedented.

Never before has the European Court of Human Rights gave a tougher verdict, Olga Pispansen said.

In 2011 the court announced in a temporary verdict that no disproportionate intervention of the Russian government in the destruction of Yukos was found.

The former shareholders of Yukos have sued Russia in Strasbourg demanding USD 38 B collectively for the 55 000 shareholders.

Besides, the court sentenced Russia to pay EUR 300 000 of taxes and case costs. Russia announced it would appeal.

Russia, which has been threatened by a recession and sanctions because of the Ukraine conflict, will have to begin the payments until the 15th of January. Otherwise interest will begin to accumulate.

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Tags: Yukos, European Court of Human Rights, Permanent Court of Arbitration, Russia, Mikhail Khodorkovsky

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