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Double Whammy: European Court Hits Russia with $2.6 Billion Payment Demand in Yukos Case

Just days after some shareholders in the former oil giant Yukos won a $50 billion settlement in The Hague, the European Court of Human Rights (ECHR) has awarded Yukos shareholders another 1.9 billion euros ($2.6 billion) in compensation, according to Reuters.

Shareholders had argued that Russia had unlawfully seized it after imposing bogus taxes and via a sham auction.

The Strasbourg-based court said Russia should also pay 300,000 euros in costs and expenses, plus any tax.

Yukos had sought compensation of just under $38 billion, according to the ruling. This was based on a valuation by a specialist energy firm, according to a source close to the claim.

Meanwhile, The Hague is still reviewing the case of Yukos CIS Investment (a Yukos subsidiary founded in Armenia in 2002) attempting, via legal means, to get back millions of dollars’ worth of Yukos assets seized by Rosneft.

Photo: Mikhail Khodorkovsky; former owner of Yukos Oil

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