Russia rejects Dutch court ruling to hand $5 BILLION of taxpayers’ cash to ex-oligarchs over collapse of Yukos oil & gas empire

Russia rejects Dutch court ruling to hand $5 BILLION of taxpayers’ cash to ex-oligarchs over collapse of Yukos oil & gas empire

The office of the country’s Prosecutor General said on Thursday that it does not acknowledge the validity of the decision, by the International Arbitration Court in The Hague. Authorities said that Russia would “appeal the decision without fail,” questioning both the basis of the judges’ jurisdiction and the claims themselves.

Earlier that day, representatives of the shareholders who lost cash when the former oil and gas conglomerate collapsed claimed victory in legal proceedings that handed them a total of $5 billion in compensation. A separate claim, for a total of $57 billion, is currently being heard by the Supreme Court of the Netherlands.

The ex-shareholders say that the Russian government “expropriated” the assets of Yukos when the firm was bankrupted by a multi-billion dollar tax bill. The private company had been formed after a controversial auction of state assets following the fall of the Soviet Union, and quickly became one of the world’s most valuable companies despite investors picking it up for a fraction of its worth.

The founder of the energy empire, Mikhail Khodorkovsky, later served time in prison on fraud charges, which he claims were a response to his political activity. However, the London-based businessman asserts he has no direct interests in the lawsuit, and the case has been brought by other financiers including influential businessman Leonid Nevzlin.

Russia has insisted that the judgements are “politically motivated,” and in December the country’s Justice Minister, Konstantin Chuychenko, told journalists that the case was part of a “legal war that has been declared on Russia.” He added that “Russia must adequately defend itself and, sometimes, even attack back.”

Moscow denies the charges and says that foreign courts have not considered that national laws around fraud and other wrongdoing might have been broken. However, in December, the Constitutional Court, one of Russia’s highest judicial authorities, ruled that Russia could refuse to pay any settlement imposed by Dutch judges. The basis for the arbitration is the terms of the Energy Charter Treaty, which Moscow signed but never ratified.

In their adjudication, the judges found that while the country’s government of the day began the process of signing up to the pact in 1994, they did not have the authority to make national laws inferior to international agreements, or to “challenge the competence” of Russian courts. Therefore, the jurists conclude, adhering to the Dutch court’s demands would be “unconstitutional.”

There have, however, been a number of attempts to confiscate Russian state assets in case the country refuses to honor any eventual settlement. To date, though, these have ultimately been rapidly overturned by courts. The case is expected to be settled by the Netherlands’ highest court later this year.

Think your friends would be interested? Share this story!

Source: www.rt.com

The last notes - Политика

most read news

#Политика

In a speech to Moscow’s senior military officers on Tuesday, Putin said he no longer viewed the West as a dependable partner. Russia was seeking written guarantees about the presence of US troops and
подробнее...

On Monday, the US State Department updated its recommendations for the country, warning that “citizens should be aware of reports that Russia is planning for significant military action against
подробнее...

Moscow believes there are more than 120 employees of American PMCs operating in the region, where they are working with Ukrainian special forces.Containers with “unidentified chemical components” have
подробнее...

The suspension of the flow comes after a weekend in which the volume being sent through the network dropped significantly, just as demand for energy in both Russia and the rest of Europe reached its
подробнее...

A recent poll by Moscow’s Levada Center,  registered as a ‘foreign agent’ by Moscow’s Ministry of Justice over ties to overseas funding, reveals who Russians blame for the escalation of the situation.
подробнее...

The footage, which was released by military chiefs on Sunday, shows the Orion lifting off and circling in the air before firing a missile that strikes an unmanned helicopter, destroying it completely.
подробнее...

Speaking to radio station Echo of Moscow, Sergey Dudich said that Sapega had asked Alexander Lukashenko to let her off with the charges, which could see her spend many years behind bars.“Such a
подробнее...

“It’s a fact [that Ukraine is] not a member of NATO, so it is highly unlikely that anyone is going to send troops into Ukraine to challenge Russia,” Wallace told The Spectator during a pre-Christmas
подробнее...

Josep Borrell, who has served as the EU’s High Representative for Foreign Affairs and Security Policy since 2019, was reacting to a set of proposals published by the Russian Foreign Ministry on
подробнее...

But what is the point of Zelensky in the first place? It’s a question that many in Ukraine must be wondering about the one-time comedian who now serves in Kiev’s top job. Elected in 2019, Zelensky
подробнее...

The NATO-Russia Council is set to meet on January 12, the alliance's press service has told news agency TASS. It will take place two days after talks between Moscow and Washington begin in
подробнее...

The research, involving more than 1,200 company representatives surveyed by the Higher School of Economics (HSE) and made available to Moscow business daily outlet RBK on Monday, found that 71% of
подробнее...

Putin inked his signature on the new legislation on Tuesday, which will allow law enforcement to open cars to detain suspects or defendants in order to save lives or ensure the safety of the public
подробнее...

Speaking to local media outlet wPolityce on Saturday, General Waldemar Skrzypczak remarked that Emil Czeczko, a member of Poland’s 16th Pomeranian Mechanized Division, had “committed the worst thing
подробнее...

As tensions flare on the shared border, US business outlet Bloomberg has alleged that Russia is continuing to pull in equipment towards the demarcation line amid concerns in recent weeks that Moscow
подробнее...

Wang’s comments come less than a week after Russian President Vladimir Putin held a video conference with his Chinese counterpart, Xi Jinping. In recent years, as both countries have become more
подробнее...

“As President [Alexander] Lukashenko said, we are considering the possibility of deploying nuclear weapons on the territory of Belarus as one of the potential responses to future possible actions by
подробнее...

European service Eutelsat said on Wednesday that it had removed RT DE from its 9B satellite, which covers Central and Eastern Europe, and is especially popular among Germans.According to the company,
подробнее...