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On December 4, the Supreme Court of the Netherlands rejected the motion of the Russian Federation to stay the enforcement of the 2014 arbitration awards.
The Supreme Court of the Netherlands on December 4 rejected Russia’s request in the Yukos case. The Russian authorities asked to suspend the execution of decisions on the claims of the former shareholders of the company, to whom they had to pay 50 billion dollars, reported the press service of the department.
“In a case between the Russian Federation and three former shareholders of the Yukos oil company, the Supreme Court today rejected the Russian Federation’s motion to stay the enforcement of arbitration awards issued in 2014. These decisions compelled the Russian Federation to Russia to pay around $ 50 billion in compensation for failing to protect the interests of shareholders, “he added. in the statement.
These are the following companies: Veteran Petroleum Ltd, Yukos Universal Ltd and Hulley Enterprises Ltd.
According to the court, the annulment or suspension of the decision will affect both parties, it found no argument to satisfy the request of the Russian authorities.
“Former Yukos shareholders may continue to seek enforcement of the arbitration awards until the final decision on the case,” the tribunal said.
The case of damage inflicted by the management of the YUKOS company to the Russian budget began in 2003. On July 2, 2003, the co-founder of Bank Menatep Platon Lebedev was arrested, on October 25 of the same year, the chairman of the board of YUKOS Mikhail Khodorkovsky. In May 2005, each of them was sentenced to nine years in prison, Kommersant writes.
In 2009, the convicts were returned to Moscow from the colonies to press charges in the second case: the theft of shares in Yukos subsidiaries and the oil produced by the company worth more than RUB 890 billion, as well as legalization. of some of these funds. In December 2010, the businessmen were found guilty and sentenced to 14 years in prison.
On December 20, 2013, Russian President Vladimir Putin pardoned Khodorkovsky, who was released the same day and left the country. Lebedev was released in January 2014 after a Supreme Court ruling reduced his mandate to fulfill it.
On July 18, 2014, the arbitration court in The Hague ruled to recover 50 billion dollars from Russia in favor of Yukos shareholders.
On January 19, 2017, the Constitutional Court of the Russian Federation allowed the former shareholders of Yukos not to be paid € 1.9 billion in compensation under the ECtHR decision.
On May 9, 2017, the Amsterdam Court of Appeal ruled that the Russian authorities had violated Russian tax law by filing excessive claims against the Yukos company to cover the debt with the state, which ultimately led to the initiation of bankruptcy proceedings. from the oil company in March 2006.
On February 18, 2020, the Court of Appeal in The Hague reversed the verdict of the Dutch court of first instance and upheld the Hague arbitration decision, which required Russia to pay former shareholders of the oil company Yukos 50 billion euros. Dollars.
According to the Ministry of Justice of the Russian Federation, the court decision was appealed in May 2020, and in October, according to RIA Novosti, Russia asked to suspend the execution of the decision.
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