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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

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    Advocate-General advises Dutch Supreme Court to dismiss Russia's appeal

    Today, the Advocate-General of The Netherlands advised the Dutch Supreme Court to dismiss the Russian Federation’s cassation appeal in its entirety and to uphold the 2020 Court of Appeal ruling which reinstated the Arbitral Awards in favour of the former Yukos majority shareholders. The Awards order Russia to compensate the shareholders for the unlawful expropriation of their investment. The compensation amounts to more than $50 billion, a measure of the company’s success before it was destroyed. You can read our press release here.

  • 05-04-2021 

    Emmanuel Gaillard (1952-2021)

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  • 04-12-2020 

    Dutch Supreme Court rules Yukos shareholders can continue to enforce Arbitral Awards

    On 4 December 2020, the Supreme Court (Hoge Raad) of the Netherlands ruled that the former Yukos majority shareholders can continue to enforce their $50 billion Arbitral Awards. You can read the Supreme Court's press release here.