“Yukos shareholders terminated the proceedings with Russia in Belgium

Ex – Yukos shareholders refused to seek redress from Russia to Belgium, all the arrests of the Russian property in this country will be removed, reported “Interfax” Andrey Kondakov – head of the International centre for the legal protection (MTSPZ) representing Moscow’s interests in this dispute.

“Today, former Yukos shareholders announced a complete termination initiated by them in June 2015 proceedings on recognition and execution of decisions of the Hague arbitration in Belgium”, Kondakov said Tuesday “Interfax”.

This, according to him, means that “all arrests of property of the Russian Federation in Belgium will be permanently removed”.

“We will remind that the decision on the withdrawal of the arrests were made by the court of Brussels in June 2017, however, ex-Yukos shareholders refused to comply by filing an appeal. Seeing a few months of its futility, they simply withdrew,” said Kondakov. He noted that therefore, at the moment, all enforcement proceedings against the Russian Federation, initiated by the former shareholders of Yukos, has been terminated or suspended.

“The main struggle now will unfold along the line of the court of Appeal of the Hague, which we hope will confirm the decision of the District court of the Hague, abolished in April 2016 of the decision of the Hague Tribunal,” – said the head of MTSPZ.

On 10 October the Minister of justice of the Russian Federation Alexander Konovalov reported that former Yukos shareholders refused the claim to Russia in France.

“Yukos shareholders have withdrawn all of the requirements for the exequatur, at the request of execution of the decision of the Hague Tribunal. France (interim measures) still remained, and in all other jurisdictions they were either suspended or does not come to execution”, – said Konovalov to journalists on Tuesday in Algiers. However, he replied in the affirmative when asked whether this means that all security measures will be taken.

In 2005, subsidiaries of Group Menatep Limited – Hulley Enterprises (Cyprus) and Yukos Universal Limited (O. man) who owned a total of 51% of Yukos, has filed a lawsuit against Russia in the Hague court with a demand to recover damages in the amount of $28.3 billion the Total amount of claims to the Russian Federation subject to the claim of the pension Fund of Yukos Veteran Petroleum Ltd. was $33.1 billion Subsequently the amount of compensation was increased.

In July 2014, the Hague, the arbitration has satisfied claims of these companies and ordered Russia to pay $50 billion In November 2014, Russia filed in the District court of the Hague three applications for cancellation of arbitral awards. However, in June-August 2015 the former shareholders of “Yukos” without waiting for a decision on the complaint of the Federation began the process of enforcement in the courts of the United States, France, Belgium, Germany and the UK of the decision of the Hague court.

April 20, 2016 District court of the Hague quashed the award. Thus, according to Kondakov, the District court granted the petition of Russia on the basis of one of the six presented arguments as being convincing and deciding not to waste time considering the other five.

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