MOSCOW (Sputnik) — 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. On April 20, 2016, the Hague Court disallowed the ruling as the Permanent Court of Arbitration's decision was not in line with its competency.
Russia had also prevailed in the actions laid in the Arbitration Institute of the Stockholm Chamber of Commerce in 2005 and 2007.
"There were also the so-called lawsuits of the second wave — Luxtona, Yukos Capital and FPH [companies] laid three more actions worth $15 billion in total to the Permanent Court of Arbitration in 2013-2014," Kondakov told RIA Novosti.
In 2003, Russian authorities accused the leadership of Yukos, once the largest oil company in the country, of economic crimes. A range of Yukos managers were convicted for fraud and tax evasion. Yukos was later declared bankrupt and the state-controlled oil company Rosneft bought the bulk of its assets.
Yukos' managers contended that the Russian government illegally forced the oil firm out of business and bankrupted it.
