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| European court reinstates order for Russia to pay $50 billion over Yukos | European court reinstates order for Russia to pay $50 billion over Yukos |
| (32 minutes later) | |
| A Dutch appeals court has reinstated an international arbitration panel's ruling that Russia should pay $50 billion in compensation to shareholders of the defunct Russian oil giant, Yukos, overturning a previous court decision. | |
| The Hague Court of Appeal ruled on Tuesday that the 2016 decision cancelling the arbitration decision "was not correct," meaning that "the arbitration order is in force again." | |
| The Russian Justice Ministry said immediately after the ruling that it would appeal the court's decision. The Ministry said the court has ignored the fact that the former Yukos shareholders were not "bona fide investors." | |
| “Control over the assets of this company was obtained through a number of illegal actions, including conspiracy and bribery of officials,” said the ministry. “During the management of Yukos by the former majority owners, there was massive tax evasion, illegal withdrawal of assets abroad, money laundering and other illegal actions." | |
| The arbitration panel had ruled that Moscow seized control of Yukos in 2003 by hammering the company with massive tax claims. | |
| Russia had sent a memorandum to the Hague Court of Appeal with a detailed response. This expanded on arguments about unlawful acts committed during and after the privatization of Yukos. It revealed examples of manipulation and collusion during mortgage auctions, bribing state managers, creating an extensive network of shell companies to minimize taxes, and exporting illegally acquired assets abroad, concealing the true beneficiaries of the supposedly foreign companies that filed lawsuits in The Hague against Russia. | |
| In April 2016, the Hague's District Court had overturned a decision by the Permanent Court of Arbitration ordering Russia to compensate shareholders of the company that was once owned by oligarch Mikhail Khodorkovsky. | |
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