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Ex-Yukos shareholders call The Hague court ruling ‘mega-arbitration’

July 28, 2014, 15:40 UTC+3 LONDON
Permanent Court of Arbitration in The Hague has also ordered Russia to pay $1.89 billion to Yukos Universal, another offshore company that acted as a plaintiff in the Yukos case against Russia
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A security guard at the headquarters of Yukos in 2004

A security guard at the headquarters of Yukos in 2004

© ITAR-TASS/Yuri Mashkov

LONDON, July 28. /ITAR-TASS/. The $50 billion compensation, which The Hague arbitration court has ordered Russia to pay to ex-Yukos shareholders, is the largest award in arbitration practice, a lawyer of Shearman&Sterling representing the interests of Yukos majority shareholders said on Monday.

Emmanuel Gaillard said the ruling of Permanent Court of Arbitration in The Hague was a mega-arbitration.

The court ruling obliges Russia to pay $39.97 billion to Hulley Enterprises, an offshore firm that acted as a plaintiff in a lawsuit against Russia to defend the interests of former Yukos shareholders.

Permanent Court of Arbitration in The Hague has also ordered Russia to pay $1.89 billion to Yukos Universal, another offshore company that acted as a plaintiff in the Yukos case against Russia.

The Veteran Petroleum fund acting in the interests of former Yukos shareholders is due to receive another $8.2 billion from Russia.

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