Hague Court Orders Russia to Pay $50 Billion in Yukos Case
The Hague’s arbitration court ruled on Monday that Russia must pay a group of shareholders in defunct oil giant Yukos around $50 billion for expropriating its assets, a big hit for a country teetering on the brink of recession.
The Hague court said it had awarded shareholders in the GML group just under half of their $114 billion claim, going some way to covering the money they lost when the Kremlin seized Yukos, once controlled by Mikhail Khodorkovsky.
Tim Osborne, director of GML, welcomed the award, which he said was the largest ever, as “very favourable”.
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