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November 26, 2022December 26, 2022

A Swiss court ordered Russia to pay $2.63 billion to a former Yukos company.

The Swiss Supreme Court has rejected Russia’s appeal and ordered Moscow to pay the former Yukos structure Yukos Capital SARL $2.63 billion, AFP reports.

Russia had challenged the competence of the Geneva Arbitration Court in this case under the Energy Charter Treaty, which regulates cross-border energy trade and investment.

Yukos Capital initiated arbitration proceedings with Russia in 2013, seeking $13 billion in compensation. This is one of the so-called second wave cases, different from the main international Yukos case, in which former majority shareholders of the liquidated company are seeking $60 billion in compensation through the Dutch courts.

The company claimed that it gave loans to Yukos, which were not repaid because of the bankruptcy and liquidation of the company by decisions of the Russian authorities. Its Yuganskneftegaz and Samaraneftegaz companies borrowed $11.2 billion and $2.4 billion from Yukos Capital, respectively. Russian authorities claimed that the funds belonged to Yukos and were used in illegal schemes to withdraw funds and evade taxes.

In late July last year, a court ordered Moscow to pay $2.6 billion, excluding accrued interest and arbitration costs. This was disclosed by the Yukos Foundation, which manages legal proceedings to win compensation for the liquidation of Yukos. The Russian side accused it of declassifying information. The Prosecutor General’s Office said it would challenge the decision.

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