Yukos Ruling: How We Got Here
A district court in The Hague has quashed a $50 billion award that Russia had been ordered to pay the former majority shareholders of the dismantled oil giant Yukos, a major victory for Russia and its effort to portray the dismantling a decade ago as a case of righting past wrongs.
The Hague court ruled on April 20 that the European arbitration court, which ruled in July 2014, misinterpreted a treaty that Russia signed but never ratified and wasn't qualified to issue the award to Yukos's former owners.
The July 2014 award was the largest ever issued by an arbitration court anywhere.
Yukos was once Russia's largest oil company until its co-founder, Mikhail Khodorkovsky, was imprisoned, and its most profitable assets sold off in dubious auctions.
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