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)

Russian Tycoon May Sue Ireland

Millhouse Capital Ltd, a private investment company controlled by Russian tycoon Roman Abramovich and his business partners, demanded that the Irish government keep its promise to guarantee repayment of the subordinated bonds of the Irish Nationwide Building Society (INBS). Earlier, a Irish government spokesman said that subordinated bond holders are expected “to make a significant contribution towards meeting the costs of INBS.” Millhouse believes that the investors “have been misled and deceived” and says that it is “fully prepared to vigorously defend our position using all possible legal avenues.”

http://www.bfm.ru/articles/2010/10/04/spasitel-evropy.html
http://www.kommersant.ru/doc.aspx?DocsID=1515869
http://ftalphaville.ft.com/blog/2010/10/04/359346/abramovich-vs-ireland/

Russian Oil Company Wins $30 Mln (US) Claim against Russian Customs

Major Russian oil company, TNK-BP, won its claim for 1 bln rubles in interest against the Russian Federal Customs Service. In 2004-2006, Customs overcharged the company with export duties (about 4 bln rubles). In 2007, the company asked Customs to return the overpaid amount but the Russian federal agency declined; the money was eventually returned in 2009 following a court order. The amount awarded represents two-years of interest on the overpaid amount.

http://www.kommersant.ru/doc.aspx?DocsID=1497081&NodesID=4

Russia’s Lukoil Gets $438M in Kazakh Deal

LUKoil will receive $438 million after filing a complaint against PetroKazakhstan in 2005 over an ownership dispute with China National Petroleum Corporation. The dispute arose when LUKoil sought to exercise a right of first refusal to buy PetroKazakhstan out from Turgai Petroleum in 2008. LUKoil and PetroKazakhstan will retain their 50 percent interests in Turgai Petroleum. PetroKazakhstan is jointly owned by state-run KazMunaiGaz and CNPC.

http://www.themoscowtimes.com/business/article/lukoil-to-get-438m-in-kazakh-settlement/413409.html (Moscow Times 23 August 2010)