A former unit of Yukos Oil Co. has won a multi-billion dollar damages claim against Russia at the Permanent Court of Arbitration, the Russian Prosecutor-General’s Office said.
An international tribunal in Geneva constituted by The Hague-based court ruled that Russia illegally expropriated loans provided by Yukos Capital Sarl to its former parent company, the prosecutor’s office said in a website statement. The compensation is for $2.6 billion in loans and interest, it said, Bloomberg reports.
The total payment due amounts to $5 billion, the RBC news site reported.
The ruling can be appealed in the Swiss Supreme Court. Russia is awaiting the outcome of its final appeal to the Dutch Supreme Court against a separate award of $57 billion in damages and interest won by former shareholders in Yukos. That decision is expected late this year.
The Kremlin has said it isn’t bound by that award. President Vladimir Putin oversaw changes to Russia’s constitution last year that included an amendment allowing for international court rulings to be ignored if they contradict domestic law.
See all the news
Kazakhstan’s Share of Bitcoin Mining Increases Sixfold Surging to Third Place Worldwide
Israel Bans Travel In Georgia From July 30
Novartis Prostate Cancer Drug Receives U.S. FDA Breakthrough Designation
Mymarket-ის აპლიკაცია ჩაშვებულია!
The Success of 5 Georgian Wines at Sommeliers Choice Awards 2021
მანინო უწერა - ახალი სასტუმრო რაჭაში
სილამაზის ინდუსტრიის გამოწვევები და #AVON-ის ფინანსური მაჩვენებლები
Investors in Georgia discover that Ease of Doing Business rankings can be deceptive
Baia Kvitsiani to Replace Mariam Kvrivishvili In The Parliament
Who Is Vazil Hudak?
PM Appoints Vazil Hudak As A Special Advisor on Attracting FDI
Exclusive Follow-Up/Interview with Selim Cakir, IMF Representative in Georgia
Czech Development Agency Delegation to Visit Georgia
GNCC demands reversal of a transaction on which they don’t have a jurisdiction - Law Professor
ფარმადეპო: „მედიკამენტები 1 ლარად“ - ქეთი კოზმანაშვილი ქალების ნარატივში
Georgia amends transfer pricing rules for APAs, reduces thresholds
We paid for 100% of shares of Caucasus Online in 2019 - NEQSOL Holding
“Only the courts have the right to determine the legality of the purchase of Caucasus Online", - NEQSOL Holding
Venice Commission: current version of the law does not demonstrate legitimacy and the proportionality test is not met either