Russian was claimed $ 50 billion for oil and gas giants

Russian was claimed $ 50 billion for oil and gas giants

According to recently published judgment of the Permanent Court of Arbitration (Permanent Court of Arbitration) in The Hague (The Hague, Netherlands), the Government of Russia to pay nearly half of the $ 103 billion compensation proposed by a group of shareholders ‘s largest oil company, Yukos oil. The court said the campaign against Yukos “is for political purposes”, not merely tax evasion, Tim Osborne – Chairman of GML (Group Menatep Limited) – the former parent company of Yukos, said on Bloomberg.

Lawsuits hundreds of billions of dollars are made ​​Medvedev – Vladimir Putin headache, strengthen amid Western sanctions on Russia to force him to resolve conflicts in Ukraine.
Russian was claimed $ 50 billion
The Russian government was ruling 50 billion as compensation for Yukos Oil. Photo: Bloomberg

According to the legal counsel of former Yukos – Dmitry Gololobov, the claim would have to undergo many years of legal wrangling. Russia will refuse to pay and get the property of the government is also difficult task. “Russia has the money to hire the best international lawyers, they will not give up without a fight. Therefore, Yukos’s problems may last for 10 years,” said Gololobov.

Gus Van Harten – Professor at Osgoode Hall Law School, New York University said that because of the Russian government assets confiscated difficult, state-owned companies such as Rosneft and Gazprom will fall into the sights of the court.

On television, Russian Foreign Minister – Sergei Lavrov also said it would appeal. “Russia will use all legal tools to protect themselves,” he said. Later this year, another lawsuit to claim $ 38 billion of the former head of Yukos group will be the European Court of Human Rights ruled.

Putin’s government has dissolved Yukos in 2004-2007 period after arrears of taxes $ 27 billion company. Most of Yukos assets were state-owned oil company Rosneft acquired in the auction. Rosneft oil company is currently the world’s largest listed, based on output.

Mikhail Khodorkovsky – the former CEO of Yukos was once Russia’s richest person with assets of $ 15 billion. New Khodorkovsky was freed in December last year after 10 years in prison for fraud, tax evasion and money laundering. This tycoon said he was sentenced to avenge for financial support for the opposition.

Khodorkovsky has been living in Switzerland. He said he would not be entitled to any part of the compensation due was transferred shares in Yukos to Leonid Nevzlin to protect the company, after he became the target of the Russian court.

Nevzlin owns more than 70% of GML. 4 others – Platon Lebedev, Mikhail Brudno, Vladimir Dubov and Vasily Shakhnovsky each holding more than 7.5%. Previously, GML previously owned 60% of Yukos.

GML file a lawsuit in 2007 under the Energy Charter Treaty (ECT). This is an international agreement relating to the management of investment in the energy sector, Russia has signed but never ratified. In 2009, a court in The Hague has announced the acceptance of the case.

Mr. Putin is facing international pressure after the Malaysian Airlines plane was shot down in eastern Ukraine, which killed 298 people. The Obama administration guilty of separatist forces downed aircraft missile provided by Russia.

Russia has denied and said that his opposition to Putin took advantage of this accident to “achieve political goals.” Last week, the European Union (EU) warned could tighten access to capital, technology and defense power of Russia. The EU is also considering banning the member countries buy bonds or stocks of Russian state-owned company.

Russian was claimed $ 50 billion for oil and gas giants
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