The Hague District Court overturned the decision on the payment of $ 50 billion to the former shareholders of "YUKOS". The reason for making such a decision was the recognition of the fact that the Hague arbitration ordered Russia to pay a multi-billion dollar compensation, did not have to do the proper jurisdiction.
Created with the Permanent Court of Arbitration Arbitration in July 2014 found that Russia had violated the rights of foreign investors on the Energy Charter Treaty of the oil company and awarded to the former shareholders of "YUKOS" compensation in the amount of $ 50 billion. This gave them the right to apply to the courts in Europe and the US demanding the arrest of Russian assets, despite the fact that the decision has been appealed.
The Russian side stated that arbitration was not competent for the organization of the proceedings in this case, at the hearing, which took place in the court of The Hague on February 9, according to RIA "Novosti" with reference to Bloomberg.
The Court of The Hague found that in order to attract Russian state arbitration in such disputes, you must have the appropriate legal standard that requires ratification by parliament. However, RossIa has not ratified the treaty to the Energy Charter, which referred to the plaintiffs.
The court also decided to pay a Moscow court costs, incurred during the proceedings on the claims. Their size is estimated at 16,801 euros.
According to experts, today's decision will allow the courts of various jurisdictions refuse to comply with the arbitration decision on the basis of which the plaintiffs have already started the process of seizure of Russian assets, particularly in Belgium and France.