Hague court rules in favour of Yukos shareholders vs Russia

The Hague’s arbitration court has ruled in favour of a group of shareholders in defunct oil giant Yukos against Russia awarding compensation of around $50 billion (29.45 billion pounds), Reuters reports citing a source close to the ruling.

The Permanent Court of Arbitration in the Hague is expected to announce later today that Russia must pay the compensation – half of the original $100 billion claim – to former shareholders in the company, once Russia’s largest oil producer.

The claim in the Hague was made by subsidiaries of Gibraltar-based Group Menatep, a company through which Mikhail Khodorkovsky, once Russia’s richest man, controlled Yukos. Group Menatep now exists as holding company GML and Khodorkovsky is no longer a shareholder in GML or Yukos.