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In 2014, the Permanent International Court of Arbitration, based in The Hague, ordered Russia to pay an impressive amount of compensation, but Russia challenged the ruling in the Dutch courts.
The Dutch Supreme Court has ruled “to dismiss the request for suspension of the recovery of the Russian Federation” while the court is hearing the case, the court said.
“The Supreme Court ruling means that the former shareholders can continue to seek enforcement of the arbitration awards until a final decision has been made in the case,” the Dutch court noted.
Lawyers from both countries will present their arguments in the case in early 2021.
In 2014, the Permanent Court of Arbitration, which resolves disputes arising from international agreements and disputes between international organizations or private parties to the dispute, awarded Yukos shareholders record compensation in the court’s history.
The court ruled that Russia forced Yukos into bankruptcy in the first decade of the century with excessive taxes and later sold the company’s assets to state-owned companies.
In 2016, a local Dutch court reversed a decision of the Permanent Court of Arbitration, holding that the latter court “has no jurisdiction” to hear the case.
However, the Dutch Court of Appeal reversed the decision in February, prompting Russia to appeal to the Dutch Supreme Court.
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