Hague Yukos Ruling Shows Absence of Base to Seize Russian Assets - Minister

The Hague Court struck down the Permanent Court of Arbitration’s earlier ruling which had obliged Russia to pay $50 billion to the former shareholders of the now defunct Yukos oil company.

MOSCOW (Sputnik) — The Hague district court's ruling on the Yukos case shows the absence of a legal base to seize Russian assets abroad, Russian Finance Minister Anton Siluanov said Wednesday.

"Today's decision by District Court of The Hague on overturning the arbitration court's decision in the Yukos case first and foremost proves the absence of a legal base to seize Russian assets abroad," Siluanov told reporters.

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.

In June 2015, France and Belgium froze Russian assets in line with the Permanent Court of Arbitration in The Hague.