Russia Wins $50 Billion Ruling in Decade-Old Fight With Yukos
- Judge rules arbitration panel not competent to grant award
- Russia will seek to free accounts frozen after first ruling
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Russia succeeded in its battle to overturn a $50 billion arbitration ruling after a Dutch court ruled that the panel of judges who issued the record-setting award to the former owners of Yukos Oil Co. had no right to review the dispute.
The ruling by a court in the Hague Wednesday was a sweeping victory for the country in its more than decade-old fight with the owners of what was once Russia’s biggest oil company. The court said that the arbitration panel misinterpreted a treaty that Russia signed, but never ratified, according to a copy of the judgment.