Russia is not obliged to pay $50 billion in compensation to former shareholders of the Russian oil major YUKOS, the Hague district court has ruled.
The court found void six arbitration resolutions (three intermediate and three final, ones) made by the Permanent Court of Arbitration in the Hague.
Under the final resolutions Russia was expected to pay a compensation of $50 billion to three former YUKOS shareholders. Now, that the arbitration decisions have been found void Russia is not obliged to pay compensations to the plaintiffs.
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“The Russian Federation was not bound by the provisional application of the arbitration regulations, ” according to the ruling. “The Tribunal wrongly declared itself competent in the Arbitration to take cognizance of the claims and issue the ensuing award.”
