Thursday, July 31, 2014

Strasbourg Court Orders Russia to Pay 2 Billion Euro to Yukos Shareholders

The European Court of Human Rights (ECHR) awarded shareholders in Yukos 1.9 billion euros ($2.6 billion) in compensation after the former oil company argued Russia had unlawfully seized it after imposing bogus taxes and via a sham auction. Just days after some of Yukos's former shareholders won $50 billion in The Hague, the Strasbourg-based court said Russia should also pay 300,000 euros in costs and expenses, plus any tax. An interim ruling by the ECHR in 2011 found that Russia had not misused legal proceedings to destroy Yukos but ruled that enforcement proceedings used against Yukos had been disproportionate.

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