Yukos shareholders gain rights to vodka

RUSSIA / FSU POLITICS - In Brief 19 May 2020 by Alex Teddy
On May 7 a Dutch court gave shareholders in Russian oil giant the right to Stolichnaya and Moskovskaya. This is part of a lawsuit over USD 50 billion. Former owners of Yukos have been suing Russia for years. Yukos was declared bankrupt in 2007 and was then amalgamated into Rosneft. This was a major achievement of Putin as he reined in oligarchs who has grown rich under Yeltsin. Yukos was then owned by Khodorkovksy who openly opposed Putin. The court in the Netherlands decided that former Yukos shareholders who owned 70% of the company were due compensation. The court ruled that Russia abused the judicial system to railroad through the transfer of Yukos to Rosneft in breach of international rules. Stolichnaya and Moskovskaya are state owned. In the Netherlands, Belgium and Luxembourg these brands will be owned by the litigants. That is because Moscow has not paid compensation. The claimants are known as the GML. They said they will auction their rights to these brands unless the Russian State pays them USD 57 billion by September 2020. This is the USD 50 billion they feel they are owed plus interest. Russia has appealed the ruling. The case has been ongoing since 2014. The only step left is the Dutch Supreme Court. Earlier in 2020 Russia said it would amend its constitution to give national law priority over international law. That will be settled by referendum when circumstances permit.

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