The US Court of Appeal rejected a petition by former Yukos oil company shareholders to review a lower court’s decision in a $ 50 billion suit against Russia. “The case is closed,” the court ruling says.
It all started back in 2005, when Yukos shareholders filed lawsuits against Russia in the International Arbitration Court in The Hague, which then awarded astronomical compensation to the ex-shareholders.
In 2015, Russia appealed the decision and won the case in 2016. However, the ex-shareholders filed a complaint, and the process went on in a new circle. And already in 2020, Russia was again ordered to pay compensation of $ 50 billion.
A month ago, the Supreme Court of the Netherlands upheld Russia’s cassation appeal and annulled the verdict of the Hague Court of Appeal in the “Yukos case.”
But the Netherlands did not fully heed Russia’s position and did not cancel the arbitral awards. Further proceedings in the high-profile case will last until 2023.