Russia to Face $60 Billion UK Trial Over Unpaid Yukos Award
- Ex-Yukos owners try to enforce arbitration ruling in London
- The award was procured by a fraud, Russia’s lawyers allege
Mikhail Khodorkovsky
Photographer: Bartek Sadowski/BloombergThis article is for subscribers only.
Russia will have to answer at trial why it hasn’t paid out a record $60 billion arbitration award over the collapse of Yukos Oil Co., after a London judge denied the country immunity from a case brought by the former owners of the now defunct oil producer.
The Wednesday ruling is the latest staging post in a sprawling legal saga that’s dragged on for two decades. Former owners of the Yukos are seeking to enforce a 2014 Dutch arbitration tribunal ruling that ordered the Russian government to pay $50 billion. The amount has now swelled to almost $60 billion including interest.