The US Court of Appeals for the District of Columbia decided to reject the claim of the ex-shareholders of the Yukos oil company to Russia for $50 billion, as reported with reference to the court’s ruling.
The appeal granted the petition of the defendant represented by Russia and rejected the petition of the ex-shareholders of the oil company to review the decision of the lower court, which suspended the case.
“The petition is granted, the case is closed,” the court stated in its decision.
It is reminded that in July 2014, the arbitration court in The Hague unanimously satisfied the claim of the former Yukos shareholders and ordered Russia to pay them about $50 billion. Moscow appealed and in April 2016 the District Court in The Hague declared the decision invalid. However, in February 2020, the Court of Appeal in the same city still ordered Russia to pay this amount.
In May 2020, it became known that Moscow filed a cassation appeal to the Supreme Court of the Netherlands, in which it demanded the cancellation of the decision of the Hague Court of Appeal obliging Russia to pay $57 billion – an amount that has grown due to the accrual of penalties.
In November 2021, the Supreme Court of the Netherlands overturned the decision to pay more than $50 billion to former Yukos shareholders and returned the case to Amsterdam. So now, it is reported that after considering Russia’s petition to terminate the case with their consent, “the court decided to grant the petition, the case was terminated.”