THE HAGUE, October 17. /TASS/. The Dutch Supreme Court has dismisses Russia's cassation appeal in the Yukos case, upholding the international arbitration award for $50 billion to the company's former shareholders, according to the court’s ruling.
"The Supreme Court dismisses the Russian Federation's cassation appeal and orders it to pay legal costs in the amount of 16,400 euros," the ruling states.
As it emerges from the judgment, the court also ordered Russia to pay 2,200 euros in legal fees to the former shareholders, plus interest, if these amounts are not settled within 14 days.
The reasoning notes that the Netherlands’ Supreme Court agreed with the Amsterdam Court of Appeal's finding that Moscow's arguments regarding fraud committed by Yukos shareholders were allegedly made "too late and violated the principles of due process."
Furthermore, the court found Russia's complaint regarding the legal status of Hulley Enterprises, Veteran Petroleum, and Yukos Universal, companies associated with former Yukos shareholders, after their registration was transferred from Cyprus to the Isle of Man, to be baseless, since "under the laws of both jurisdictions, these companies continue to exist even after their registration has changed."
About Yukos case
In 2014, the international arbitration court, created through the mediation of the Permanent Court of Arbitration in the Hague, ordered Russia to pay $50 billion to several companies associated with former Yukos shareholders. This verdict was appealed in a Dutch court.
In November 2021, the Supreme Court of the Netherlands upheld Russia's cassation appeal on one count – that the former Yukos shareholders had committed fraud during the arbitration proceedings – and referred the matter for reconsideration to the Amsterdam Court of Appeal. Appeals on other counts, including those concerning the interpretation of provisions of the EU Energy Charter Treaty, were dismissed, and the decisions on them were declared final.
On February 20, 2024, the Amsterdam Court of Appeal ruled that the fraud complaint could not serve as grounds for annulling the arbitration awards. This decision was taken to the Supreme Court of the Netherlands.
On April 11 of this year, the Kingdom's Attorney General recommended that the highest court dismiss Russia's cassation appeal and uphold the international arbitration award.