London Court Rules Against Russia in $60 Billion Yukos Case

A London court ruled that Russia cannot claim state immunity to avoid enforcing a $60 billion arbitration award over the seizure of Yukos. This decision follows a decade-long legal battle led by three former Yukos shareholders. They were awarded $50 billion by an arbitration tribunal in The Hague in 2014.

A London court has ruled that Russia cannot use state immunity as a shield to avoid paying a $60 billion arbitration award related to its seizure of the now-defunct Yukos oil company.

Hulley Enterprises, Yukos Universal, and Veteran Petroleum, the three former shareholders of Yukos, have been fighting to enforce this massive award since it was granted by an arbitration tribunal in The Hague in 2014. The tribunal had found that Russia engaged in a 'devious and calculated expropriation' of the oil group after its owner, Mikhail Khodorkovsky, was imprisoned.

Despite attempts to enforce the award in various countries, including Britain, the U.S., and the Netherlands, legal battles continue. Tim Osborne, CEO of the GML shareholder group, expressed hope that President Putin's Russia will eventually be compelled to pay for its actions. The Russian embassy in London has not responded to requests for comment.

(With inputs from agencies.)