Thursday, December 2, 2021

US Court of Appeal dismisses ex-Yukos shareholders’ case - TASS

The United States Court of Appeals for the District of Columbia decided to dismiss a case by former Yukos shareholders trying to overrule a lower court’s decision to uphold Moscow’s November 2020 motion to suspend a trial in which the former shareholders tried to recover $50 bln from Russia.

In mid-November, the former shareholders of Yukos asked the court to dismiss their appeal in connection with the ruling of the Supreme Court of the Netherlands, which overturned the decision to collect $50 bln from Russia in their favor. Their petition stated that both parties agreed to terminate the case, determining the procedure for paying for the costs. One of the reasons for voluntary refusing the appeal was the decision of the Supreme Court of the Netherlands, which on November 5 satisfied the cassation appeal of the Russian Federation and canceled the ruling of the Hague Court of Appeal from February 18, 2020. This ruling briefly restored the 2014 arbitration decisions to recover from the Russian Federation $50 bln in favor of former majority shareholders of Yukos.

In late 2020, the plaintiffs appealed to the US court to overturn a lower court ruling that granted Moscow's November motion to suspend a trial in which they are seeking to recover $50 bln from Russia.

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