ECHR Upholds $2.4Bln Compensation for Yukos Shareholders

The European Court for Human Rights (ECHR)ruled against Russia in a lawsuit filed by former shareholders of the now-defunct oil giant Yukos, and awarded them a compensation of 1.9 billion euro and some $50 billion, respectively.

Yukos, a defunct oil company previously controlled by Mikhail Khodorkovsky, was declared bankrupt by a Moscow court of arbitration back in 2006. Khodorkovsky spent a decade in prison for fraud and tax evasion until he was pardoned in December 2013. - Sputnik International
Russia Appeals European Court Ruling on Yukos
PARIS, December 16 (Sputnik) – The European Court for Human Rights (ECHR) has upheld a verdict obliging Russia to pay almost 1.9 billion euro ($2.4 billion) in compensation to former Yukos shareholders, the court said in a communique Tuesday.

The panel of the court’s Grand Chamber earlier told RIA Novosti it was not commenting on its decisions.

The ECHR and the Permanent Court of Arbitration in the Hague have ruled against Russia in a lawsuit filed by former shareholders of the now-defunct oil giant Yukos, and awarded them a compensation of 1.9 billion euro and some $50 billion, respectively.

The Russian Finance Ministry responded promptly to the court's ruling by pledging to safeguard the country's national interests.

The ECHR's ruling comes less than a month after the Russian Justice Ministry appealed a similar ruling made in July by The Hague Permanent Court of Arbitration, which awarded compensation to Group Menatep Limited (GML), a holding that unites the former owners of the defunct oil company Yukos.

Yukos, a company controlled by Russian billionaire Mikhail Khodorkovsky, was declared bankrupt by a Moscow court of arbitration in 2006. Khodorkovsky spent a decade in prison for fraud and tax evasion until he was pardoned in December 2013.

Yukos managers claimed the Russian government had illegally forced the energy company out of business, which allowed Rosneft to snap up its assets and become the country's largest oil producer. Over the past few years, Yukos's managers and investors have won several cases against Russia and the companies that acquired the assets.

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