Loading ...Hague court orders Russia to pay over $50 billion in Yukos case
(Reuters) – The Hague’s arbitration court ruled on Monday that Russia must pay a group of shareholders in oil giant Yukos $51.6 billion for expropriating its assets, a big hit for a country teetering on the brink of recession.
The arbitration panel in the Netherlands said it had awarded shareholders in the GML group just under half of their $114 billion claim, going some way to covering the money they lost when the Kremlin seized Yukos, once controlled by Mikhail Khodorkovsky.
“The award is a slam dunk. It is for $50 billion, and that cannot be disputed,” said Tim Osborne, director of GML. “It’s now a question of enforcing it.”
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