Dutch Supreme Court docket Overturns $50 Billion Ruling In opposition to Russia In Yukos Case, Sends Go well with Again To Decrease Court docket

The Supreme Court docket of the Netherlands has overturned a $50 billion award that Russia had been ordered to pay the previous majority shareholders of the dismantled oil large Yukos, sending the case again to a decrease appeals court docket.

"Today the Supreme Court quashed the appeal court's final judgement as well as the court’s preceding judgement," the court docket stated in an announcement on November 5.

"The case has been referred to the Amsterdam Court of Appeal for renewed judgement."

The Hague-based Everlasting Court docket of Arbitration dominated in 2014 that Moscow used tax claims to grab management of Yukos in 2003 and silence its CEO, tycoon-turned-Kremlin-critic Mikhail Khodorkovsky.

Plenty of international locations have frozen accounts and property belonging to Russian state firms whereas GML, a holding firm belonging to 4 former Yukos homeowners, tried to gather the award.

Based mostly on reporting by TASS and Reuters

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