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.
