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Dutch court may rule on Yukos Int. vs Rosneft case on November 19

November 17, 2014, 10:15 UTC+3 MOSCOW
The Yukos Int. company has initiated court proceedings against Rosneft and other co-defendants not affiliated with Rosneft in court, demanding the compensation of losses estimated at $333 million
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© ITAR-TASS/Nikolay Sternin

MOSCOW, November 17. /TASS/. An Amsterdam district court is expected to rule on the $333 million case of Yukos International UK BV against Russian oil giant Rosneft on November 19, Rosneft said on Monday.

The Yukos Int. company has initiated court proceedings against Rosneft and other co-defendants not affiliated with Rosneft in court, demanding the compensation of losses estimated at $333 million, as well as interest accrued since February 7, 2011.

The company claims that the damages were allegedly caused by the court’s ruling in 2008 to freeze the assets which “limited its ability to invest certain amounts at its discretion.” The first court hearings on the matter were held in summer 2012.

In autumn 2012, Rosneft filed an objection to the claim, saying that the court ruled on freezing the assets in a proper way and Yukos Int. sustained no losses as it deposited its funds in an interest-bearing account it selected.

Yukos Int. submitted an application in response to the objection in winter 2013. The hearings took place in January 2014, and Yukos Int. was allowed to amend its claims.

As a result, the company presented claims to Rosneft on the grounds of collective responsibility with the aim to impose responsibility of one of the defendants on Rosneft. The Russian company presented its reply to the new claim in February 2014.

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