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Court to hear former Yukos owners $103 billion suit vs Russia Jul 28

July 23, 2014, 14:54 UTC+3 NEW YORK
In 2003, the Russian government accused management of then major oil company Yukos of economic crimes
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© ITAR-TASS/Fedor Savintsev

NEW YORK, July 23. /ITAR-TASS/. A US $103 billion claim of Group Menatep Limited, which unites former owners of a 60% stake in oil company Yukos, will be considered by an arbitration court in Hague on July 28, Bloomberg reported on Wednesday.

In 2003, the Russian government accused management of then major oil company Yukos of economic crimes. Several company officials were sentenced to jail for fraud and tax evasion. The company later declared bankruptcy, and its assets were sold to state-owned oil major Rosneft.

The company’s shareholders filed a claim to the Hague arbitration court after Rosneft refused to compensate their losses. Group Menatep Limited quotes the Energy Charter, which is meant to protect investors from the government asset expropriation, which was signed but not ratified by Russia.

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