Dutch Court Hands Yukos US$ 1.2 billion; Rosneft Lodges ECHR claim

The Dutch Supreme Court has handed the shareholders of Yukos another victory by upholding an appeals court decision to unfreeze US$ 1.2 billion in assets held by Yukos Finance B.V., finding that Promneftstroy, a former subsidiary of Rosneft, did not have a legitimate claim to the funds.

Last year, the same court issued a controversial decision in an unrelated case, upholding a $400 million arbitration award in favor of Yukos Capital B.V. against Rosneft, even though that award had been annulled in Russia, where the arbitration took place. Rosneft has paid that award, but has now lodged a claim against the Netherlands for breaching the company's rights under the European Convention for Human Rights.

http://af.reuters.com/article/energyOilNews/idAFLDE7060NB20110107 Reuters, 7 January 2011 (reporting on unfreezing decision)

http://www.arbitrations.ru/?i=news/item&id=104 Arbitrations.ru, 29 December 2010 (reporting on ECHR claim)