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Foreign Courts to Review Russian Yukos Asset Seizure Requests for 2 Years

© RIA Novosti . Alexander Utkin / Go to the mediabankRussian Justice Minister Alexander Konovalov
Russian Justice Minister Alexander Konovalov - Sputnik International
Russian Justice Minister Alexander Konovalov said that foreign courts will continue to review requests to seize or freeze Russian assets abroad for up to two years over the case of the defunct Yukos oil company.

Russian Federation Council Speaker Valentina Matviyenko at a meeting of the council - Sputnik International
Russian Parliament Speaker Hopes Latest Yukos Ruling to Unlock State Assets
ST. PETERSBURG (Sputnik) Foreign courts will continue to review requests to seize or freeze Russian assets abroad for up to two years over the case of the defunct Yukos oil company, Russian Justice Minister Alexander Konovalov said Tuesday.

"Even in those countries that were preparing to launch this process of The Hague’s court decision, the courts of the United States and United Kingdom will most likely take up to one and a half to two years for this process. I think it will take longer because we believe that these processes will most likely be postponed until the final decision by the Court of Appeals and the Supreme Court if an appeal is to follow, then I think it would be within one and a half to two years," Konovalov said at a justice forum in St. Petersburg.

In July 2014, the Permanent Court of Arbitration ruled unanimously to award the former shareholders of the now defunct Yukos company $50 billion to be paid by the Russian Federation.

the Hague Court annulled the Permanent Court of Arbitration’s ruling obliging Russia to pay $50 billion to the former Yukos shareholders because the case was not in that court’s competency.

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