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International Tribunal Finds Russian Federation Illegally Expropriated Yukos Capital Assets, Denied Due Process and Harassed and Intimidated the Company and Its Legal Team
We are pleased that once again justice and the rule of law has prevailed. An unbiased and fair tribunal, constituted under the Energy Charter Treaty and administered by the Permanent Court of Arbitration in The Hague, Netherlands, upheld Yukos Capital’s decade-long case against the Russian Federation. On Friday, 23 July 2021, the Court issued the Tribunal’s Final Award ordering the Russian Federation to pay damages to Yukos Capital of approximately $5 billion in principal and interest, together with legal fees and costs. The Tribunal found that Russia illegally expropriated Yukos Capital’s loans to its former parent company Yukos Oil and denied it justice in the Russian courts in what represented the very opposite of due process of law.
The Tribunal also found that these actions by the Russian Federation were accompanied by the filing of criminal proceedings designed to intimidate Yukos Capital and its lawyers and that the illegal expropriation of Yukos Capital’s loans and harassment of its lawyers was part of a broader and orchestrated campaign to confiscate assets of the Yukos group.
The Yukos Capital award represents the latest in a series of legal victories consistent with the Yukos Foundation’s goal of pursuing illegally seized Yukos assets for the benefit of former shareholders of Yukos Oil Company.
About the Yukos Foundation
The Yukos Foundation was formed in 2005 to protect the non-Russian assets of the Yukos Group and make distributions to former creditors and shareholders when possible and lawfully permitted.
For more information, go to www.yukosfoundation.org.