French court quashed the arrest of shares in RTR Euronews in the “case of Yukos”

The French court withdrew the arrest of VGTRK-owned shares of the TV company Euronews, a spokesman for GML Wednesday. According to him, the former shareholders of Yukos will appeal against this decision.

In the summer of 2014, the court of arbitration in the Hague ordered Russia to pay $50 billion to former Yukos shareholders. Following this, in the framework of the enforcement of the judgment abroad began the seizure of Russian state assets — in particular, among these were owned by VGTRK of 7.5% stake in the French Euronews S. A., which manages the same channel.

20 April the Hague regional court quashed the decision of the Permanent court of arbitration, made in 2014. The court agreed with Russian arguments that the competence of the arbitration court was not part of the consideration of such claims. The solution which ex-Yukos shareholders promised to appeal, means that in most jurisdictions the courts can stop the process of bringing arbitral award enforcement. But in some jurisdictions, such as France, the decision of the international arbitration is treated as “an act of international justice”, not be canceled by a local court of the country, where by coincidence located one or another international Tribunal. French courts did not take into account the process in a Dutch court, so the former Yukos shareholders were able to arrest the Russian assets in this country without regard to the district court of the Hague.

The decision of the district court of the Hague welcomed in the Kremlin. Ex-head of Yukos Mikhail Khodorkovsky has linked it with the fact that “the West has decided to ease the pressure.”

French Euronews S. A. manages the same channel, launched in 1993, and now broadcasts around the clock in 13 languages, including Russian. Programs of Euronews, according to his own data available 425 million households in 158 countries.