Russia needs to pay $50billion to the former share

2022-08-05
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Russia needs to pay $50billion to the former shareholders of Yukos oil

the elongation of some materials in Russia can be above 1000%, and Russia needs to pay $50billion to the former shareholders of Yukos oil

July 29, 2014

[China paint information] on the evening of July 28, Beijing time, it was reported that the former majority shareholders of Yukos oil have won a court judgment against Russia, The landmark judgment is worth $50billion. Yukos oil company was once the largest crude oil producer in Russia, but its assets have been confiscated, and now it is facing a protracted judicial "war"

according to the ruling made by the Permanent Court of arbitration in the Hague, the Russian side needs to pay slightly less than half of the US $114billion claim filed by GML, the holding company of the main owner of Yukos oil company. Timosborne, the head of GML, said that the ruling showed that the lawsuit against Yukos oil company was "politically motivated"

for Russian President vladimirputin, this is a recent headache. Before that, the United States and the European Union have both increased the intensity of sanctions against Russia in order to force it to help curb the war between Ukrainian separatist forces and the government of that country. It is said that the war has led to the death of more than 1000 people as required by the plan

Dmitry gololobov, the former chief legal adviser of Yukos oil company, said in an e-mail: "Russia has the money to hire the best international lawyers, and these lawyers will not give up resistance without arguing. Therefore, the Yukos oil company case will easily be retried for the last 10 years."

according to GML, Russia must pay the above amount before the middle of January next year, otherwise it will face punishment. Emmanuel Gaillard, one of the lawyers representing GML, pointed out that the possibility for Russia to appeal the case only exists in the "technical" issues within the Dutch court

Osborne said in an interview with Bloomberg TV: "it will take a long time to collect $50billion in compensation, but we will not regard it as a 'pilose victory' (which means a costly victory that is not worth the loss). The purpose of our lawsuit is to make shareholders get compensation."

the judgment made by the Permanent Court of arbitration in the Hague means that the two major Russian companies will also face the risk of being dragged down, that is, the crude oil producer OAO Rosneft and the natural gas exporter OAO Gazprom, which may fall into a judicial dilemma for a longer time. Yas banifatemi, another lawyer representing GMI, pointed out that the assets of the two Russian state-owned companies may be the target of the lawsuit because they were the beneficiaries of the confiscated assets of Yukos oil company. Affected by this news, the shares of Rosneft and Gazprom both fell about 2% in the Moscow market

between 2004 and 2007, the Putin government broke up Yukos oil company on tax related charges totalling more than 27billion US dollars, and arrested Mikhail Khodorkovsky, the company's CEO, and put him in prison. GMI issued a statement today, saying: "it is an excellent thing that the shareholders of the company can get an opportunity to recover their losses."

for some of Yukos' largest assets, most of them have been acquired by Rosneft in a series of forced sales transactions, making Rosneft the world's largest listed oil company by production. In addition, Gazprom acquired the natural gas assets once belonging to Yukos oil company, which were won by Eni spa and Enel spa in 2007. It includes the Ningbo Institute, the Institute of progress, the Institute of Oceanography, the Institute of chemistry, the Institute of physics and chemistry, the national nano center, the Suzhou Institute of nanotechnology and the Northern Institute of materials within the system of the Chinese Academy of Sciences

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