Russia Faces $50 Billion Fight in U.S., U.K. for Yukos Damages
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Former owners of Yukos Oil Co. have started proceedings in the U.S. and the U.K. to recover a $50 billion damages award against Russia, and plan to target assets of state energy giants OAO Gazprom and OAO Rosneft.
The Permanent Court of Arbitration in The Hague ruled last year that Russia is liable to pay almost half of the $103 billion plus interest sought by GML Ltd., a holding company belonging to four former owners who don’t include Yukos founder Mikhail Khodorkovsky. Belgium and France began collecting the damages in June, sparking Russian protests.