Russia loses bid to overturn $50bn award in Yukos case
Russia failed to overturn a ruling in the Netherlands that ordered Moscow to pay around $50 billion in the bankruptcy case of Yukos Oil Co., once the largest Russian oil and gas company.
Russia failed to overturn a ruling in the Netherlands that ordered Moscow to pay around $50 billion in the bankruptcy case of Yukos Oil Co., once the largest Russian oil and gas company.
The one-time richest man in Russia has vowed to finance democracy campaigns in his homeland after an Irish court lifted freezing orders on £85 million in an investment fund.
Russia has won a legal victory after a damages award worth $50billion was overturned by a Dutch court to former shareholders of the Yukos oil company.
Russia has begun its appeal in the Netherlands against an international arbitration order that Moscow pay $50billion in damages to shareholders from the oil company Yukos.
Russia is bracing for more foreign asset seizures over the defunct Yukos Oil Co. after France and Belgium began enforcing a $50 billion damages award, a Kremlin adviser said. France arrested insignificant funds in accounts of Russian companies and diplomatic missions at the local subsidiary of OAO VTB Bank, Economy Minister Alexei Ulyukayev said Thursday. Belgium earlier served Russian state-owned lenders and entities with seizure notices as part of a 1.65 billion-euro ($1.9 billion) court ruling, ordering them to declare assets belonging to the Russian state or debts to it.