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Former Yukos shareholders see Russia's appeal as attempt to delay payout — GML source

February 09, 2015, 18:45 UTC+3 LONDON
According to a representative of the Group Menatep Limited, former Yukos shareholders acknowledge that the consideration of Russia’s appeals against the Hague court’s ruling could take years
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© ITAR-TASS/Fedor Savintsev

LONDON, February 9. /TASS/. The former shareholders of the now defunct Yukos oil giant acknowledge that the consideration of Russia’s appeals against the Hague court’s ruling could take years.

"We expect that the process, including appeals, will last for years but in the final end the payouts will be confirmed in our favor," a representative of the GML (Group Menatep Limited) said.

The representative stressed that Moscow is using its right to turn to the Hague district court, saying: "We have nothing against the fact that they use their legal rights."

He added however that Russia’s petitions have no grounds and this is just an attempt to delay the payout. The consortium will continue seeking the payout in the countries that are the parties to the New York Convention, he said.

The Russian Finance Ministry said on Friday that Russia has filed three petitions with the Hague district court to revoke rulings on the lawsuits filed by the former shareholders of Yukos.

In July, the Hague court sustained a claim of the former Yukos shareholders demanding that Russia should compensate for the damage, and ordered Moscow to pay $50.1 billion, half as much as originally claimed.

The court ruled that Russia’s actions against Yukos could be regarded as expropriation of investments in breach of Article 45 of the Energy Charter which Russia had signed in the 1990 but never ratified.

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