Yukos Owners Win $50 Billion in 10-Year Fight With Russia
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Former majority owners of Yukos Oil Co. won a landmark $50 billion ruling against Russia for the confiscation of what was once the nation’s largest oil producer and now face another lengthy legal battle to claim their award.
The Permanent Court of Arbitration in The Hague found that Russia is liable to pay just under half of the $114 billion sought, GML Ltd., the holding company for Yukos’s main owners, said today. The decision showed the campaign against Yukos was “politically motivated,” GML head Tim Osborne said in London.