9 Oct, 2014 14:36

Russia to appeal European courts Yukos case - Justice Minister

Russia will appeal the ruling issued by the European Court for Human Rights (ECHR) awarding Yukos shareholders $2.5 billion (€1.9 billion) before October 30. The Hague’s related ruling will most likely be also appealed, Russia’s Justice Minister said.

"Absolutely, by Oct. 30 (we will appeal)," RIA quotes Aleksandr Konovalov, the Justice Minister of Russia as saying.

Speaking on the possible appeal of The Hague arbitration court’s ruling, Konovalov noted that it “would most likely be appealed.” He added that the issue is being considered by the Ministry of Finance in cooperation with the Ministry of Justice.

At the end of July, the ECHR ruled that Russia must pay $2.5 billion (€1.9 billion)in compensation and legal expenses to former Yukos shareholders.

The Hague’s arbitration court ruling ordered Russia to pay $50 billion in damages to former Yukos shareholders as compensation.

Russia immediately announced its intention to contest the ruling.

Yukos was once worth $40 billion and was controlled by Mikhail Khodorkovsky, who was declared bankrupt by a Moscow court in 2006. The company was then nationalized with most of its assets eventually handed to Rosneft.

Yukos founder Mikhail Khodorkovsky spent a decade in prison for fraud and tax evasion until he was pardoned in December 2013.

You can share this story on social media:

Follow RT on