Home » World » The USA closed the case on the recovery of $ 50 billion from Russia in favor of the former shareholders of Yukos

The USA closed the case on the recovery of $ 50 billion from Russia in favor of the former shareholders of Yukos

The Court of Appeal of the US District of Columbia ruled to discontinue, at Russia’s motion, the case at the suit of the former shareholders of the Yukos oil company, who were seeking to recover $ 50 billion from the Russian Federation.

“The petition was granted, the case was closed,” the court ruling says.

Yukos, once Russia’s largest oil company, filed for bankruptcy in 2006 after its founder, Mikhail Khodorkovsky, became a defendant in a criminal embezzlement and tax evasion case. Most of Yukos’ assets went to the state-owned company Rosneft.

The former shareholders of Yukos – Hulley Enterprises, Yukos Universal and Veteran Petroleum, which were part of Group Menatep Limited, applied to the court. They owned 70% of Yukos and lost money in his bankruptcy.

Earlier, the case was considered in the Netherlands, where in 2014 the arbitration court in The Hague granted the petition of the former shareholders of the oil company, but this decision in 2021 canceled Supreme Court of the country.

The reversal of the lower court’s decision was due to procedural issues. At the same time, it was noted that Russia’s arguments that international obligations were misinterpreted in The Hague are untenable, as is Moscow’s position that the Dutch courts have no jurisdiction in this matter.

In December 2020, the Constitutional Court of Russia actually decidedthat the country does not have to pay this money.

At present, all enforcement proceedings against the Russian Federation, initiated by the ex-shareholders of YUKOS, have been terminated or suspended.


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