Russia cannot claim immunity in $60 bln fight with former Yukos investors, London court rules

Russia cannot claim state immunity to avoid a nearly $60 billion arbitration award in a case brought by former Yukos investors over the expropriation of the defunct oil group, London's High Court ruled on Wednesday. Judge Sara Cockerill ruled in favour of three former Yukos shareholders, Hulley Enterprises, Yukos Universal and Veteran Petroleum, on Wednesday.

Russia cannot claim state immunity to avoid a nearly $60 billion arbitration award in a case brought by former Yukos investors over the expropriation of the defunct oil group, London's High Court ruled on Wednesday.

Judge Sara Cockerill ruled in favour of three former Yukos shareholders, Hulley Enterprises, Yukos Universal and Veteran Petroleum, on Wednesday. The three companies were awarded a little more than $50 billion by an arbitration tribunal in The Hague in 2014, on the grounds Russia had deliberately bankrupted Yukos.

They have since attempted to enforce the award – which has swelled to nearly $60 billion with interest – in Britain, the United States and the Netherlands. Cockerill said in her written ruling that Russia's assertion of immunity should be rejected because it had agreed to submit to arbitration.