The High Court of London lifted the ban on the seizure of Russian assets in the case of the Yukos oil company in favor of the former shareholders.
The London High Court has lifted a $50 billion temporary ban on enforcement of an arbitration award against Russia in the UK in favor of former shareholders in oil giant Yukos. Reuters reported this on Wednesday, October 26.
An arbitration court in The Hague in 2014 awarded three former shareholders about $50 billion. The Dutch Supreme Court’s decision in November 2021 means that the block must be lifted.
Hulley Enterprises Ltd, Yukos Universal Ltd and Veteran Petroleum Ltd are seeking compensation, which has risen to $57 billion in interest at $2.8 million a day, in the UK, US and the Netherlands.
Lawyers also said this month that the international reaction to Russia’s invasion of Ukraine “increases the likelihood … that the Russian Federation will transfer assets” out of the UK, meaning the court should remove prohibition of execution.
Remember, the Supreme Court of the Netherlands ruled in favor of Russia, obliging the Amsterdam Court of Appeal to reconsider Russia’s decision to pay more than $50 billion to former Yukos shareholders.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.