Russia appeals ECHR verdict to recover over €1bn in favor of ex-Yukos shareholders

Russia’s Justice Ministry has appealed against a ruling by the European Court of Human Rights to recover over 1 billion euros in favor of former Yukos shareholders, the ministry’s press office reported on Wednesday.
“On October 29, in compliance with article 43 of the Convention for the Protection of Human Rights and Fundamental Freedoms, the Justice Ministry of Russia sent a motivated petition to the European Court of Human Rights on transferring the ruling passed by the ECHR lower instance in the Yukos vs Russia case on recovering over 1,800,000 euros in favor of former shareholders of the above-mentioned liquidated company for consideration and review by the European Court’s Grand Chamber,” the ministry’s press office said.
In 2003, the Russian government accused management of then major oil company Yukos of financial crimes. Several company officials were sentenced to jail for fraud and tax evasion. Its core owner, Mikhail Khodorkovsky, was jailed with several consequential sentences and spent 10 years in prison before he was pardoned by president. The company later declared bankruptcy, and its assets were sold to the state-owned oil major Rosneft.
The Hague Permanent Court of Arbitration ruled in July that Russia should pay compensation to former shareholders seeking redress for Yukos assets taken into Russian state control.