BRUSSELS (Sputnik) – Russia’s lawyers are satisfied with the Hague Court decision disallowing an earlier ruling obliging Russia to pay $50 billion to the former shareholders of the now defunct Yukos oil company, a partner from the Hanotiau & van den Berg Lawyer’s Office representing Russia in the case said Wednesday.
“We are completely satisfied,” the lawyer told RIA Novosti.
The Hague Court struck down the Permanent Court of Arbitration’s earlier ruling on the case since it was not in that particular court’s competency.
The lawyers hope that the Belgian courts during the June 9 hearings will release Russian assets frozen in the country after the Hague Court’s ruling in favor of Russia.
“The judge said that he wants to discuss the aftermath of this ruling in order to stop the executive procedures. We hope that the court in Belgium on June 9 will announce the cease of executive procedures because the ruling was annulled,” the lawyer said.
In July 2014, the Permanent Court of Arbitration ruled unanimously to award the former shareholders of the now defunct Yukos company $50 billion to be paid by the Russian Federation.
In June 2015, France and Belgium froze Russian assets in line with the Permanent Court of Arbitration in The Hague.
