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21-01-2019 

Dutch Supreme Court rules that Russia unlawfully bankrupted Yukos

On Friday 18 January 2019, the Dutch Supreme Court ruled that Russia unlawfully bankrupted Yukos Oil Company. The judgment upholds the ruling of the Appeals Court, which found the politically-motivated bankruptcy so egregious that it violated Dutch public policy.

"It’s extremely satisfying to have an independent and impartial court of law make such a significant ruling and recognise the blatant theft of Yukos Oil by the Russian Federation," said Steven Theede, former Yukos CEO and board member of the Yukos Foundations, which oversaw the litigation. "It is a good day for the rule of law."

The Appeals Court found that Yukos' bankruptcy in 2006, which led to the sale of the shares of Yukos Finance, cannot be recognised in the Netherlands. The Russian authorities drove Yukos into bankruptcy as part of a politically-motivated assault on then-Yukos CEO Mikhail Khodorkovsky. Yukos's assets in Russia were primarily transferred to Rosneft.

In another Yukos case pending before the Dutch courts, the Amsterdam District Court, on December 5 2018, rendered a highly critical judgment on the Russian court system. The judgment underlined the lack of impartiality and independence of Russian courts, which, in cases against Yukos, served the interests of the Russian government. The Amsterdam Court specifically referred to the practice whereby Russian judges are told how to render judgments in favor of the government, even receiving fully drafted judgments to hand down.

Other news

  • 25-09-2018 

    GML welcomes The Hague Appeals Court ruling

    On 25 September 2018, The Hague Appeals Court clarified the scope of the ongoing Dutch set-aside proceedings where former Yukos majority shareholders (GML) aim to reinstate the Arbitral Awards of 2014, which awarded them more than $50 billion in compensation after Russia unlawfully expropriated their investment.

  • 19-06-2018 

    GML takes part in procedural hearing in The Hague

    On 19 June 2018, GML, the former Yukos majority shareholders, took part in a procedural hearing at The Hague Court of Appeal. This was part of the ongoing Dutch set-aside proceedings in which GML aims to reinstate the Arbitral Awards of 2014.

  • 04-04-2018 

    Dutch Parliament calls for European Magnitsky Act

    The Dutch Parliament has passed a resolution which calls on its government to push for a European Magnitsky Act. Inspired by the original US Magnitsky Act of 2012, the law would punish human-rights abusers by freezing their assets and denying them travel visas.