Russia will not hasten up to pay compensation to Yukos shareholders

Despite the entry into force of the relevant decision of the European Court of Human Rights.


"Next Steps Russian Ministry of Justice in connection with a ruling will be made on the basis of the need to ensure the sovereign interests of Russia and based on the norms of existing national legislation, including the Constitution of Russian Federation, which has the highest legal force in the territory of Russia", - said in a statement the Ministry of Justice.

European Court of Human Rights (ECHR) will not revise the decision handed down last summer to recover from the Russian government in favor of the former shareholders of Yukos over 1.86 billion euros. Panel of five judges of the ECHR refused to redirect the Yukos case to the Grand Chamber, thus ruling on July 31, 2014 came into force, said yesterday the ECHR press service.

Russian Ministry of Justice announced its categorical disagreement with the decision on the award of compensation to persons who not only went to court, but did not participate in the proceedings.

The lawsuit was filed in the ECHR on behalf of three registered abroad "daughters" of Yukos & mdash; Yukos UK Limited (United Kingdom), Yukos CIS Investments Limited (Armenia) and Yukos Finance BV (Netherlands). But according to the decision of the European Court of Justice the right to receive compensation for the record, all shareholders of the oil company: their 51,000, estimated the Russian Ministry of Justice.

According to the decision of the ECHR, Russia has six months to to determine jointly with the Council of Europe Committee of Ministers on implementation of the decision algorithm, said Chief of Staff of the Russian authority in the ECHR Andrei Fedorov. He noted that the process will not be easy - the solution is unprecedented both in size of compensation, and the number of people who can qualify to receive it.

Russia may opt to execute the decision, it follows from yesterday's announcement by the Ministry of Justice (cm. Incision). Earlier, the ministry noted that the ECtHR established violation of the convention did not coincide with the position of the Constitutional Court of Russia, confirmed the legitimacy of the actions of Russian authorities against Yukos. This allows the Russian authorities to address the Constitutional Court, which (according to his own discretion) in this case, one has the right to determinepossible ways to implement the decision of the international court.

Forced ECtHR judgments execution mechanism does not exist, experts remind. "One can only write a complaint to the Committee of Ministers of the Council of Europe, which monitors the situation, but there are several hundred of unexecuted decisions only in Russia", - says the former head of the legal department of Yukos, a professor of the University of Westminster Dmitry Gololobov. And in this case, considering the number of shareholders, with the execution of all it's complicated and it is unclear and likely solution now will forever hang like unfulfilled, said the lawyer.

Failure to comply with the decision of the Strasbourg Court faces significant reputational loss to the state, objects to King & Spalding partner Ilya Rachkov law firm. He recalled that the government - the Council of Europe committed themselves to abide by the final decision of the ECHR in any case to which they are parties. Although this did not prevent, for example, Turkish Cyprus refuse to pay compensation in the amount of 90 million euros for the military invasion of 1974 Like Turkey, Russia will always We pointin the reports of the Council of Europe Committee of Ministers as a state, not executing the court decision. The Committee can also appeal to the ECHR for clarification on the issue of execution of the decision. In fact, it will mean yet another case against Russia, warns expert. In this case, it might be easier to solve - not should we do to get out of the convention and of the Council of Europe asks crustacean.

Former Yukos Chief Financial Officer Bruce Misamore yesterday expressed confidence that the Committee of Ministers has the necessary authority to bring to the judgment and will do everything in its power to ensure that the Russian term set by the court.