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To retreat in the “case of Yukos” — it is very painful

Отступать в «деле ЮКОСа» — это очень больно

The decision of the Hague court on payment of $50 billion to shareholders once the largest private company entails not only financial but also reputational losses.

The decision of the Hague court of appeal in YUKOS, which obliges Russian government to pay shareholders of this once one of the largest private companies in the country $50 billion, the young generation of Russians may seem like a bolt from the blue. However, this “surprise” arrived from the distant 2007, when the company was liquidated by the decision of the Moscow arbitration, is not by accident.

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In December 2009, the Hague arbitration court ruled in favor of Yukos shareholders. On the basis of this decision, they were entitled to demand from the Russian government damages in the amount of $100 billion.

28 Jul 2014 the Hague arbitration court declared YUKOS and its beneficiaries infringed the rights of the Russian Federation, and also the fact that if this decision will come into force, the Russian authorities should pay the plaintiffs the sum of $50 billion In the explanation it was said that “YUKOS became the target of politically motivated attacks by the Russian authorities that eventually led to its collapse.”

Two years later, in 2016 district court of the Hague quashed this decision. In September 2019, the former shareholders of Yukos appealed against the cancellation of the decision of the Hague Tribunal, and here 18 Feb 2020 Appellate court of the Hague ordered Russia to pay them $50 billion.

It’s not the end of the story. For example, the head of the International centre for the legal protection, representing the interests of the Russian Federation, Andrey Kondakov on the same day said that Russia will appeal this decision to the Supreme court of the Netherlands. However, he acknowledged that the assets of the Russian Federation in a number of countries have already threatened a security measure.

“Rosbalt” asked experts to predict further developments.

Alexei Makarkin, first Vice-President of Fund “the Center of political technologies”:

 

“The Supreme court of the Netherlands, with the big share of probability will support the decision of the court of Appeal of the Hague, obliging Russia to pay former Yukos shareholders $50 billion, because the higher the instance the harder it is to cancel its verdict. In addition, a Dutch judge, of course, is judged according to the law, but, nevertheless, they are unhappy with what is happening around the investigation about downed in 2014 in the sky over the Donbass Malaysian Boeing.

All people in the Netherlands — with very few exceptions — blame it on Russia, which does not recognize its guilt. All this leaves a mark on the process in the Yukos case, and lawyers representing the interests of Russia, have to defend them in a very unfavorable situation.

In the case of the final victory of the former shareholders of Yukos, probably, it is necessary to expect the arrests of foreign property owned by Russian Federation. Diplomatic property is protected under international law, but can be arrested, owned by Russia of works of art, training ships, or some other property. In this sense, everything is pretty predictable.”

Yevgeny Gontmakher, member of the expert group “European dialogue”, doctor of economic Sciences:

 Отступать в «деле ЮКОСа» — это очень больно

“The probability of the decision of the Supreme court of the Netherlands in favor of Yukos is. If it is final, it will be a problem for Russia, because in this case, it will be issued writs around the world, everywhere, where you going to arrest Russian property, which will turn up everywhere. In this situation, the Russian Federation will try to negotiate on the sly, as it was in history with a Swiss firm Noga, offered in 1990-2000 Russia claims in excess of $1 billion.

With the Yukos case, of course, the scale of the other, but if Russia will exhaust all possibilities, we will attempt to negotiate and some money will be paid without any noise.

The claim of $50 billion for Russia, of course, a big amount, but in this case, even more substantial reputational loss, as to show the world that the decision on the nationalization of Yukos, which was adopted then was a mistake — it is very painful. However, do not exclude that the verdict of the Supreme court of the Netherlands may be in favor of the Russian Federation”.

Gregory of Votes, Professor at the European University in St. Petersburg:

 Отступать в «деле ЮКОСа» — это очень больно

“In the case of a decision of the Supreme court of the Netherlands in favor of Yukos shareholders will sue in the national courts of different countries that they will seize property. This has already happened. Today we are talking about gigantic amounts. About reputational damage I do not speak as does the Russian Federation has little to lose, but the material damage would be enormous.

Particularly painful that withdrawn these funds will be in the form of a property and assets, and quite likely at a price that will not seem fair to the Russian authorities.

With regard to the provisions of the Russian laws about their rule in comparison with the provisions of international law, this item, even if it is made to the Constitution of the Russian Federation, is valid only on Russian territory. The foreign authorities who want to arrest the Russian property within their jurisdictions, do not care about what is written on this subject in the Russian Constitution”.

© 2020, paradox. All rights reserved.

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