UK court dismisses Russia's appeal in $60 billion fight with ex-Yukos investors
LONDON (Reuters) - Russia cannot claim state immunity to avoid the enforcement of a $60 billion arbitration award over its seizure of defunct oil group Yukos, a London court ruled on Wednesday.
Three former Yukos shareholders – Hulley Enterprises, Yukos Universal and Veteran Petroleum – have been fighting to enforce the 2014 award for over a decade with limited success.
The companies were awarded just over $50 billion by an arbitration tribunal in The Hague in 2014, which found Russia carried out a "devious and calculated expropriation" of Yukos after its former owner Mikhail Khodorkovsky was jailed.
They have since attempted to enforce the award, which has swelled with interest to nearly $60 billion, in Britain, the U.S. and the Netherlands – where a court last year dismissed Russia's latest appeal, though that decision is under appeal.
In the London leg of the legal battle, Russia has argued it did not agree to submit to the jurisdiction of the arbitration, an argument which was rejected in November 2023.
The Court of Appeal dismissed Russia's appeal against that decision on Wednesday, though it will likely require several more years of legal battles before any money might be paid.
"We are closing on to the moment when (President Vladimir) Putin's Russia will have to pay in full for its illegal actions," Tim Osborne, CEO of the GML shareholder group which previously held a majority stake in Yukos through its subsidiaries, said.
The Russian embassy in London did not immediately respond to a request for comment.
Yukos collapsed in 2006 after oil tycoon Khodorkovsky fell out with Putin and the government began demanding billions of dollars in alleged back taxes that resulted in Yukos ultimately being seized by the state.
Exiled billionaire Khodorkovsky spent 10 years in prison after being convicted of tax evasion and fraud, charges he denied, and now lives in London. He is not a party to the case.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
Russia downed three drones targeting Moscow, mayor says
MOSCOW (Reuters) -Russian air defence forces shot down three drones attempting to attack Moscow, Sergei Sobyanin, the Russian capital's mayor, said on Friday. He did not provide further details about the incident but said emergency services were working at the sites where debris from the downed drones had fallen. Separately, Russia's aviation watchdog said that the Domodedovo and Zhukovsky airports in the Moscow region had temporarily suspended operations to ensure flight safety. It announced soon afterwards that flights had resumed.
Yahoo
23 minutes ago
- Yahoo
The aftermath of Operation Spider's Web and what it means for the US military
Welcome back! Before we get started, I want to take a moment to honor the U.S. and other Allied troops who took part in the D-Day landings 81 years ago, including the soldiers killed during a rehearsal of the invasion in April 1944. The free world remains in their debt. Last weekend, Ukraine launched a daring drone attack against airfields thousands of miles inside Russia. Dubbed Operation Spider's Web, the attack drew global attention. It was more than just an intelligence coup de grâce — it was planned over 18 months and involved smuggling the drones into Russia and launching them close to their targets. The attack also revealed how vulnerable military installations within the United States could be to a similar strike. 'That's an assumption that we are far from the adversary, we have oceans separating us, that we're somehow far away from these threats,' said Masao Dahlgren, who writes about missile defense for the Center for Strategic and International Studies think tank in Washington, D.C. 'But as these kinds of incidents show, that threat is not as far as we would like to think.' While certain stateside military installations are well defended, U.S. service members at other bases would not be able to do much to respond to the type of small drone attack that Ukraine launched against Russia, a former senior Defense Department official told Task & Purpose. Air Force Chief of Staff Gen. David Allvin said that while the service is working to bolster its defenses, it also needs to look at small drones' potential for offensive operations. 'If all we're doing is playing defense and we can't shoot back, then that's not a use for our money,' he said. Now that we've discussed Operation Spider's Web at length — and great name, by the way — here's your rundown of all the other news you might have missed this week: U.S. military consolidates footprint in Syria. U.S. troops deployed to Syria are closing seven of their eight bases in the country. In December, the Pentagon announced that about 2,000 U.S. troops were in Syria to fight the Islamic State group, or ISIS. Between May 21 and May 22, U.S. troops helped partner forces launch an operation that led to the capture of a suspected ISIS operative, U.S. Central Command recently announced. Tracking drones on the southern border. A platoon from the 10th Mountain Division deployed to the southern border is using combat radar systems to track a growing number of drones that are suspected of being used by Mexico-based drug cartels. Beyond their current role in the border mission, the radars have historically been used to detect enemy rockets, mortars, and other artillery, and some of them have been sent to Ukraine to defend against Russian aerial attacks. Hegseth: U.S. won't be 'pushed out' of Indo-Pacific. While speaking in Singapore on May 31, Defense Secretary Pete Hegseth stressed that the United States does not seek a war with China. 'But we will not be pushed out of this critical region,' Hegseth said. 'And we will not let our allies and partners be subordinated and intimidated.' Navy destroyer's close calls. Houthi drones and missiles came far too close for comfort to the destroyer USS Stockdale last year, the Wall Street Journal has reported. During one attack, a ballistic missile was intercepted so close to the ship that sailors had to shoot down its debris as well. Later, the Stockdale had to use its main gun to shoot down a Houthi drone. 'When the drone dropped into the sea, the crew erupted in cheers and high-fives,' the newspaper reported. Iran preparing for U.S. or Israeli strikes. Iran is rebuilding its air defenses in case the United States or Israel launch airstrikes against facilities involved in its nuclear program, the Financial Times has reported. Israeli airstrikes last year destroyed or damaged Iran's most advanced surface-to-air missiles, including Russian-made S-300s. Iran's supreme leader recently rejected a deal offered by President Donald Trump's administration about Iran's nuclear program. Thank you for reading, and please remember that this week also marks the 83rd anniversary of the Battle of Midway from June 3-7, in 1942. The Japanese lost four aircraft carriers that had taken part in the surprise attack on Pearl Harbor in the prior year. The strategic victory was due in large part to U.S. Navy codebreakers, who learned of the Japanese plans ahead of the battle. See you next week! Jeff Schogol
Yahoo
23 minutes ago
- Yahoo
One killed and eight injured in relentless Russian attacks on Donetsk Oblast
Russian forces persisted in their attacks on settlements in Donetsk Oblast on Friday 6 June, killing one civilian and injuring eight. Source: Anastasiia Miedviedieva, spokesperson for Donetsk Oblast Prosecutor's Office, in a comment to Ukrainska Pravda Details: At 06:30, Russian forces attacked the village of Komar in the Volnovakha district, likely using a Smerch multiple-launch rocket system. A 48-year-old man sustained serious injuries. At 07:10, the village of Novyi Donbas came under Russian attack. A 54-year-old man suffered multiple shrapnel wounds and was hospitalised in a serious condition, Miedviedieva said. Less than an hour later, Russian forces launched an artillery attack on a residential area in Myrnohrad, claiming the life of a 59-year-old man. At 09:00, Russian forces attacked Kostiantynivka with a FAB-250 bomb fitted with an UMPK guidance kit for converting unguided bombs into precision-guided munitions. A 61-year-old resident sustained a blast injury, concussion and brain trauma. Prosecutors reported that five houses in the city had been damaged. At 11:10, Russian troops attacked Myrnohrad again, injuring a 41-year-old woman and a 43-year-old man. Fifty minutes later, they struck again near the local market, injuring two women aged 45 and 48 and a 65-year-old man. All sustained blast and shrapnel injuries and received medical assistance, the spokesperson said. Support Ukrainska Pravda on Patreon!
