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  • Writer's pictureBy The Financial District

Dutch Court Orders Russia To Pay $50 Billion To Yukos Shareholders

An Amsterdam court delivered a significant ruling rejecting Russia's final appeal in a protracted legal battle over a $50 billion arbitration award involving claims by former Yukos shareholders, as reported by Reuters and the Associated Press (AP).

The legal dispute stemmed from the deliberate bankruptcy of Russian oil giant Yukos in 2003. I Photo: Sergey Orekhov

The legal dispute, stemming from the deliberate bankruptcy of Russian oil giant Yukos in 2003, centered on allegations that the Kremlin seized control of the company to silence its CEO, a vocal critic of President Vladimir Putin.

The international arbitration panel ruled in favor of the former shareholders in 2014, ordering Russia to pay $50 billion in damages.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Despite Russia's attempts to appeal, the Amsterdam Court of Appeal dismissed the final ground of appeal, concluding that Russia's claims of fraud by former shareholders were raised too late in the proceedings.

This ruling marks a significant development in a long-standing legal saga, with Tim Osborne, director of GML, a company representing the former majority shareholders, emphasizing the court's decision as a clear indication for Russia to fulfill its financial obligations.

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