Home / Ukraine / Russia’s $50 Billion Yukos Damages Headache Moves to India

Russia’s $50 Billion Yukos Damages Headache Moves to India

Former owners of Yukos, a gone Russian oil producer, have begun lawsuit in India as partial of efforts to force Russia to compensate $50 billion in indemnification for violation adult a association a decade ago, a deputy of a owners said.

The Permanent Court Arbitration in The Hague awarded a indemnification — value around one-quarter of Russia’s sum supervision bill — to a organisation of shareholder companies in Yukos in 2014. The justice ruled that Russian authorities had broken Yukos by filing large taxation semblance claims opposite a association after a co-owner, Mikhail Khodorkovsky, fell out with Vladimir Putin’s Kremlin.

Moscow has refused to accept a decision, heading a claimants to spin to internal courts in North America and Europe to seize bank accounts, shares and genuine estate belonging to Russia in those countries.

Last week, a ex-shareholders extended their conflict to India, Tim Osborne, executive of GML, a former Yukos holding association concerned in a litigation, told The Moscow Times. They have petitioned a internal justice to commend a $50 billion endowment in India and are looking for resources to aim once a indemnification are recognized.

“Rest assured, we’re not only going there only since we like India,” he said. “We’re there since we trust there are poignant resources there.”

Targets could embody a invulnerability and chief appetite sectors, where Russia and India have struck vital deals.

Russian resources value some-more than $1 million have already been solidified in France and Belgium, and justice battles are ongoing in Germany, a U.S., Britain and Holland. Osborne has affianced to enhance lawsuit into other countries in a routine he expects to final a decade or more.

Article source: http://www.themoscowtimes.com/article/565712.html