New twist in $50bn Yukos battle as US court sides with Russia over oligarchs & suspends controversial case
A federal court in Washington, DC has accepted a motion from the Russian government to suspend a case brought by the ex-shareholders of the collapsed oil giant Yukos over “the world’s largest” legal settlement.
The case, part of a protracted 15-year legal battle brought by the oligarchs, won’t be reviewed until 2022, or until a parallel judgement is settled at the Supreme Court of the Netherlands. Dutch courts previously awarded $50 billion in damages to former investors in the company, believed to be the largest legal bill in history, but Russia is appealing that decision and has even warned it could refuse to pay a settlement.
However, last week, the Dutch Advocate General recommended that the Netherlands’ top court move to enforce the settlement in favor of the ex-shareholders. A decision by judges is expected soon.
The US ruling also refused to consider securing $7,000,000,000 from Russia, as asked by ex-shareholders, to ensure damages are paid should the eventual outcome be decided against them. The 30-page decision concluded that “the Russian Federation is a sovereign country with economic tendrils that cross the globe, not an insecure potential debtor that must be required to post security lest there be no assets to seize at a later date.”
https://www.rt.com/russia/507409-us-court-suspends-yukos-case/