Yukos shareholders prevented the unfreezing of Russian assets in France


Three Russian FSUE MIA “Russia today”, “satellite communications” and “Goszagransobstvennost” on Friday won the disputes in the French court with the former shareholders of Yukos: the Paris court withdrew the arrest from the assets of the Company totaling at least $500 million But those assets are still blocked because the former shareholders of the Yukos immediately appealed against the decision on removal of arrest.

The court of Paris acknowledged the arrests, imposed in the summer of 2015 officers on behalf of Hulley Enterprises, Yukos Universal and Veteran Petroleum, unfounded, as the assets of the Company are not assets of the Russian Federation. Former shareholders filed an appeal against the decision of the Paris court, and the sums of money remain frozen, until the court of appeal of Paris handed down its decision, said the representative of GML (the company owner Hulley, Yukos, and Veteran).

Previously “Interfax” reported with reference to an informed source that funds the Federal state unitary enterprise “Space communication”, with which the Paris court on Friday lifted the arrest, remain blocked due to filed by ex-shareholders of Yukos appeal. It is a remedy payable to the “Space communication” from French satellite operator Eutelsat in the framework of performance of current commercial contracts. Under arrest are almost €400 million debt Eutelsat in the framework of various contracts, and €42,8 million of dividends (“Space communications” owns a 3% stake in Eutelsat), follows from the decision of the court of first instance (has a copy).

About removal of arrest from accounts of MIA “Russia today” on Friday morning, reported RIA “Novosti”. The representative of Department of presidential Affairs, which is subordinate to the Federal state unitary enterprise “Goszagransobstvennost”, Friday night could not confirm the decision of the Paris court and that the assets of the Enterprise remain blocked.

The amount of blocked assets “Russia today” and “Goszagransobstvennost” unknown, GML previously reported that it comes to Bank accounts. The total number of arrested assets in France GML was evaluated in more than 120, and their sum is €1 billion.

Earlier this week the court of the Parisian suburb of Evry also declared illegal the arrest of about $300 million of debt of the French company Arianespace in front of “Roscosmos” for the supply and servicing of rockets “Soyuz”, which Arianespace launches satellites from the spaceport in French Guiana. According to the Associated Press, a similar controversy over Russian assets continue for another 9 courts in France.

Former Yukos shareholders may not remove sequestrated assets until the court of appeal of Paris considers the petition of Russia on the recognition in France of the decision of the Hague court of arbitration, awarding Hulley, and Veteran Yukos $50 billion in 2014. The court of appeal decision is expected by early 2017. In December 2015, the court of appeal of Paris refused Russia that had requested the suspension of enforcement in France, but also protect Russian assets from possible slip into an opaque offshore, by ordering the former shareholders of Yukos to send to the special contingent account (escrow) any arrested funds.