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18-02-2020 

The Hague Court of Appeal reinstates Arbitral Awards

The Hague Court of Appeal has today reinstated the Arbitral Awards of 2014, which order the Russian Federation to compensate the former Yukos majority shareholders for the unlawful expropriation of their investment. The Awards amount to more than $50 billion, a measure of the company’s success before it was destroyed.

Tim Osborne, GML’s chief executive, commented: “This is a victory for the rule of law. The independent courts of a democracy have shown their integrity and served justice. A brutal kleptocracy has been held to account.”

In July 2014, an independent international Arbitral Tribunal in The Hague ruled unanimously that the Russian state had unlawfully expropriated Yukos Oil, the country’s most successful company and largest taxpayer. The Tribunal found that “Russian courts bent to the will of Russian executive authorities to bankrupt Yukos, assign its assets to a state-controlled company [Rosneft] and incarcerate a man [Mikhail Khodorkovsky] who gave signs of becoming a political competitor.”

Today’s ruling fully reinstates the Arbitral Awards of 2014, and overturns the bizarre 2016 decision of the District Court of The Hague to set them aside. The former Yukos majority shareholders believed that the District Court’s decision was fundamentally flawed, and therefore appealed it to The Hague Court of Appeal, submitting thousands of pages of legal submissions, evidence and witness statements.

Other news

  • 18-05-2020 

    Yukos shareholders seize vodka trademarks in The Netherlands

    The former Yukos majority shareholders have seized a number of alcohol drinks trademarks in the Benelux region, which are owned by the Russian Federation. The trademarks include the well-known Stolichnaya and Moskovskaya vodka brands.

  • 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.

  • 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.