The Ministry of justice welcomes the decision of the Swedish court at the suit of the Spanish shareholders Yukos

The Ministry of justice welcomes the decision of the Swedish court at the suit of the Spanish shareholders Yukos

The Ministry of justice welcomes the decision of the Swedish appeal court on the claim of the Spanish shareholders in Yukos.

Russia hopes that the decision of the Swedish court of “Yukos” will be taken into account by the Hague Tribunal, when reviewing a claim against Russia at $50 billion, said in a statement the Ministry.

The newspaper “Kommersant” on Thursday wrote that the court of appeal of Sweden acknowledged that the Stockholm arbitration was not competent to recover from the Russian Federation compensation for the expropriation of Yukos claim by Spanish investment funds in 2012. This gives Russia reason to demand cancellation of the decision of arbitration on collecting 2 million dollars and per cent in favor of the funds. In addition, according to the publication, it reinforces the position of the Russian Federation in challenging the decisions of the Hague arbitration on $ 50 billion.

The decision of the appeal court of Sweden on the complaint of Russia does not provide a basis for challenging decisions of the Hague arbitration in $ 50 billion in the Yukos case, but Russia can effectively delay the process, according to lawyers interviewed.

The reason to delay the process

Doctor of juridical Sciences, Chairman of the bar Association “Sazonov and partners” Vsevolod Sazonov believes that Russia initially in 2009 I recognized this competence of the Hague arbitration by engaging in this process, and not becoming to refer to something that has not ratified the Energy Charter in this respect.

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The lawyers of the Russian Federation to clarify why they are asking the court in the U.S. to refuse to ex-Yukos shareholders

“In the Stockholm court of Russia initially said that the court lacks jurisdiction, in the Hague, Russia and its American lawyers have agreed that this competence is, starting the judicial process, and thus recognizing the competence of the court”, – he said. Thus, according to Sazonov, in a subsequent judicial proceeding, the question was only in the amount of claims. He also recalled that in all judicial proceedings abroad Russia was represented by foreign lawyers, and none of the important things is not successful.

The lawyer considers that at the present time in the case of the Hague arbitration Russia can use the court decision in Sweden as an opportunity to delay the process. “We have the option to delay. If the other state will start to arrest Russian property, you can arrest the property of the state in Russia, or to start other actions within the framework of the Energy Charter,” he said.

In turn, the Secretary-General Arbitration Association Roman Zykov said that the decision of the Swedish court and the intermediate does not negate the decision of the arbitration court in Stockholm, but it confirms one of the grounds, which falls in the petition for its abolition.

Hague dispute

Arbitration under the mediation of the Permanent court of arbitration in the Hague, in July 2014 ruled that Russia owes a total of to pay more than $ 50 billion to companies affiliated with the former shareholders of Yukos.

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YUKOS does not let the Russian property

The court decided that Russia’s actions against Yukos could be regarded as expropriation of the investment, violating the 45th article of the Energy Charter, which Russia has signed but not ratified. The largest amount – 39,97 billion dollars should get the Cypriot offshore company Hulley Enterprises Limited related to the former controlling shareholder of Yukos Group Menatep Limited (subsequently renamed GML), says the court’s decision on one of three claims.

Payment and 8.2 billion dollars awarded by the Cyprus Veteran Petroleum, which had played the role of the pension Fund of former employees of Yukos. The amount of compensation to registered in the Isle of man offshore Yukos Universal Limited the court determined at 1.9 billion dollars.

In February it became known that Russia filed in the district court of the Hague petition to cancel these awards. “The Russian Federation on January 28, 2015 filed in U.S. District court of the Hague three applications for annulment of arbitral awards rendered by the international arbitration within the framework of three parallel arbitration proceedings initiated by former majority shareholders of OAO “NK “YUKOS” on the basis of the Energy Charter Treaty”, – noted then the statement of the Russian Ministry of Finance.

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The Yukos Affair. Dossier