Russia to seek compensation for costs incurred in Yukos case — Justice Ministry

Russia will seek compensation for all costs incurred in the Yukos case now that the Hague district court has overturned a $50 billion arbitration ruling, the Russian Justice Ministry told TASS on Wednesday.

"The Hague district court has awarded Russia compensation for judicial expenses as part of the process for cancelling the arbitration rulings. But the Russian Federation will seek compensation for all expenses incurred in judicial proceedings initiated by Yukos," the Justice Ministry said in reply to TASS’s request to comment on the Dutch court’s verdict passed on Wednesday.
[tass.ru]
20/4/16
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• 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.

"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."
[tass.ru]

20/4/16
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Related:

• Russia appeals $50bn Yukos verdict

• Russia Preparing Response to Overseas Asset Freezes (Deputy FM)

• Court Rejects Russia's Appeal Over Oil Company Compensation