The
former majority shareholders of YUKOS have launched an appeal “of the surprise
judgment by the District Court in The Hague on April 20, 2016, which allowed
the challenge brought by the Russian Federation to the 2014 ruling, based on
the question of provisional application”, APCO said in an emailed statement on
July 18.
GML,
through its subsidiaries Hulley Enterprises Limited and YUKOS Universal
Limited, together with Veteran Petroleum Limited (the former majority
shareholders of YUKOS Oil Company), is also announcing the temporary suspension
of the recognition and enforcement of the award in select jurisdictions.
APCO
works with GML that in July 2014 won the world’s largest arbitration, and was
awarded over $50 billion in compensation, against Russia.
“Back
in 2014, the Arbitral Tribunal unanimously ruled that the destruction of YUKOS
by the Russian Federation was politically motivated. The Tribunal also ruled –
again unanimously – that the Russian Federation was bound by the provisional
application of the Energy Charter Treaty,” APCO said.
YUKOS
was once Russia’s largest oil producer. “We remain determined to hold the
Russian Federation accountable for the expropriation of YUKOS Oil Company,” GML
Director Tim Osborne said. “We are confident that our appeal will be successful
and the Russian Federation will be made to abide by the rule of law.”
“Hulley
Enterprises Limited, YUKOS Universal Limited and Veteran Petroleum Limited are
confident that the Court of Appeal will correct the mistakes made by the
District Court and will reverse that court’s surprising and erroneous
decision,” GML said in a press release.
https://www.neweurope.eu/article/former-yukos-shareholders-appeal-50-bln-award-reversal/