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Yukos ex-shareholders to pursue Russia’s state assets in 150 states of New York Convention

July 28, 2014, 16:27 UTC+3
Tim Osborne, head of Group Menatep Limited, stated this on Monday
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LONDON, July 28. /Roman Podervyansky for ITAR-TASS/. In case Russia doesn’t pay the compensation, Yukos ex-shareholders will intend to pursue its state assets almost all over the world, according to head of Group Menatep Limited (GML) Tim Osborne.

According to Osborne, this concerns different type of things in case they are commercial property owned by the Russian Federation in the states of the New York Convention (under which 150 countries made a commitment to contribute to the implementation of the arbitrary ruling). He noted that Russian assets may be found in many of those countries, and that claimants couldn’t exclude anything.

Osborne said, the claimants could consider museum collections exhibited all over the world, planes sent to air shows and owned by Russia, i.e. everything owned by the Russian government for commercial purposes.

However, he has noted that assets of Russia’s Central Bank are excluded, but only if they are not used for commercial purposes.

According to Osborne, the former shareholders of Yukos will not sue London-based British Petroleum (BP) and do not mention any claims for compensation from Rosneft. As for BP, he said this was impossible as it was not an instrument of the Russian government.


Court awards compensation to Yukos ex-shareholders

Permanent Court of Arbitration in The Hague ruled on Monday that Russia must pay compensation to former shareholders of the defunct oil giant Yukos.

Ex-shareholders of Yukos officially announced their claim against Russia was settled by the arbitrary court of The Hague. The court’s ruling envisages a $50 billion compensation to the claimants. The Russian Federation was the defendant in the case on expropriation of assets of bankrupt Yukos legally based on Article 45 of the Energy Charter Treaty.

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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