The London High Court stripped Russia of its right to state immunity in the Yukos case
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The High Court in London has ruled that Russia cannot rely on state immunity to avoid enforcing the decision of an international arbitration court in The Hague to pay almost $60 billion in compensation to former Yukos shareholders. Reuters.
High Court Judge Sarah Cockerill ruled that Russia’s attempts to challenge the decision had no merit because Moscow itself had agreed to arbitration. In October, the Russian side stated at a meeting of the High Court in London that Russia does not intend to submit to the jurisdiction of arbitration, citing state immunity.
State immunity is a principle of international law, according to which a sovereign state is not subject to the authorities of other states.
The plaintiffs in the Yukos case against Russia are the former shareholders of the liquidated oil company – Hulley Enterprises, Yukos Universal and Veteran Petroleum. In 2014, a court in The Hague unanimously concluded that the expropriation of Yukos was illegal and politically motivated. The court also awarded the company’s former majority shareholders more than $50 billion in damages. The amount of compensation later reached almost $60 billion. The plaintiffs are trying to obtain compensation in the courts of the United States, the Netherlands and the UK.
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