Dutch court overturns $50 billion Yukos award against Russia

AMSTERDAM (Reuters) - In a triumph for Moscow, a Dutch tribunal on Wednesday upturned an decree that Russia pay $50 zillion (35 jillion pounds) to shareholders in defunct oil fellowship Yukos, expression that the Hague-based Lasting Romance of Arbitrement had no jurisdiction. Quondam Yukos shareholders aforesaid they would charm the storm conclusion, which could impingement originally rulings in Belgium and France that quadruplet one-time shareholders were entitled to conquer Russian commonwealth assets to correct them for the expiration of the oil monster. Formerly controlled by Mikhail Khodorkovsky, so one of Russia's richest men, Yukos was bankrupted abaft Khodorkovsky vanish out with Russian leader Vladimir Putin and the politics began demanding defrayal of immense sums in binding taxes.

Posit oil party Rosneft got nigh of its assets. In July 2014, the Lasting Lawcourt of Arbitrement (PCA) in The Hague ruled that the 4 plaintiffs - not including Khodorkovsky - were entitled to recompense for the passing of the party, entitling them to appropriate Russian submit assets.

But in Wednesday's opinion, the territory judicature in The Hague aforementioned Russia had ne'er sanctioned the accord nether which the PCA had claimed jursidiction in the amour. "The lawcourt quashed the judgments by the external arbitrators on the earth that they had no powerfulness to interpose in these matters as arbitrators," the regnant aforementioned. A key mo in Putin's integration of powerfulness in Russia, the 2003 Yukos occasion led to Khodorkovsky organism confined on hoax and tax escape charges upright as he had appeared set to egress as a political challenger to Putin. He was released abruptly in December 2013 and now lives in expatriation. "We volition prayer this storm decisiveness by The Hague Judicature and sustain total religion that the principle of law and justness bequeath finally rule," aforementioned Tim Osborne, conductor of GML, the troupe representing the quadruplet shareholders. (Coverage By Thomas Escritt; Redaction by Raissa Kasolowsky)