Press releases
+-Dutch Supreme Court throws out the Russian Federation’s last appeal against seizure of iconic Russian vodka brands by the former Yukos shareholders
THE HAGUE, MARCH 22, 2024 – Today, the Supreme Court dismissed the Russian Federation’s last appeal against the seizure of the Benelux trademarks of the iconic Russian vodka brands, Stolichnaya and Moskovskaya. This means Russia has exhausted its last possibility to prevent the former majority Yukos shareholders from putting the rights up for sale in the process of execution of their Arbitral Awards of more than $50 billion in damages for the illegal and politically motivated expropriation of their investments in the Russian oil giant.
Yukos shareholders defeat Russia in last remaining challenge to $50 billion arbitration awards
AMSTERDAM FEBRUARY 20, 2024 – After a decade-long legal battle, the Amsterdam Court of Appeal today dismissed Russia’s last remaining challenge to the $50 billion arbitral awards won by the Yukos majority shareholders for the illegal expropriation of their investment. In a last-ditch attempt to escape accountability, the Russian Federation claimed the former shareholders committed fraud during the arbitration. But the Amsterdam Court dismissed that argument on appeal. Conclusion: the arbitral awards stand.
First successful charge of Russian property in London by Yukos shareholders
LONDON, FEBRUARY 1, 2024 – After the Russian Federation failed to comply with a London High Court order to pay legal costs to the former Yukos majority shareholders following the rejection of the Russian Federation’s claim to sovereign immunity, the shareholders obtained an interim charging order over a vacant plot of land in Kensington belonging to the Russian Federation. This is the first successful charge over Russian property in England ever.
Federal judge denies Russia immunity in record $50 billion Yukos claim
WASHINGTON D.C., NOVEMBER 16, 2023 – After a nine-year battle, the United States District Court for the District of Columbia ruled today that Russia cannot hide behind immunity from jurisdiction in the enforcement proceedings brought by former Yukos majority shareholders. This ruling brings the majority shareholders a significant step closer to having their record $50 billion Arbitral Awards recognized and enforced in the United States.
London High Court denies Russia immunity in $50 billion Yukos claim
LONDON, NOVEMBER 1, 2023 – The High Court in London today rejected the Russian Federation’s attempt to hide behind state immunity from jurisdiction in the enforcement proceedings brought by the former Yukos majority shareholders. This means the former Yukos majority shareholders are a significant step closer to having the 50-billion-dollar Arbitral Awards recognised and enforced against Russian state assets in England and Wales.
Former Yukos shareholders reject bid at vodka auction
THE HAGUE, DECEMBER 6, 2022 – The former Yukos majority shareholders today rejected a bid of 200.000 euros for the Benelux trademarks of eighteen Russian state-owned vodka brands at an auction in The Netherlands, because the bid didn’t meet their expectations. The former Yukos majority shareholders expect to reschedule the auction for a later date.
Dutch Court clears path for vodka auction in December
THE HAGUE, NOVEMBER 28, 2022 – By rejecting a last-minute appeal by the Russian state enterprise FKP Sojuzplodoimport (FKP), the District Court of The Hague today cleared the path for the scheduled live auction of the Benelux trademarks of eighteen Russian state-owned vodka brands, including Stolichnaya and Moskovskaya, on December 6th in The Netherlands.
$50 billion Yukos awards one step closer to enforcement against Russian state assets
LONDON, OCTOBER 26, 2022 – The High Court in London today lifted the stay on proceedings to have the 50-billion-dollar Arbitral Awards against the Russian Federation for the illegal, politically motivated expropriation of Yukos Oil recognized in England and Wales. This means that the former Yukos majority shareholders can resume their proceedings to have the 50-billion-dollar Arbitral Awards recognised and enforced against Russian state assets located in England and Wales.
Iconic Russian state-owned vodka brands auctioned in December
THE HAGUE, OCTOBER 5, 2022 – The Benelux trademarks of eighteen Russian state-owned vodka brands, including Stolichnaya and Moskovskaya, will be the subject of a live auction on Tuesday December 6th in The Netherlands. The trademarks were seized by the former Yukos majority shareholders to enforce their more than $58 billion damage claim against the Russian Federation for the illegal, politically motivated expropriation of the Russian oil giant in 2003.
Dutch Court approves seizure of iconic vodka brands by former Yukos shareholders to enforce $50 billion Awards against Russian Federation
June 28, 2022 — The Dutch Court of Appeal in The Hague today approved the seizure of the Benelux trademarks of iconic vodka brands Stolichnaya and Moskovskaya by the former Yukos majority shareholders to enforce their $50 billion damage claim against the Russian Federation for the illegal, politically motivated expropriation of the Russian oil giant in 2003.
Yukos shareholders win on all substantive grounds of Russia’s appeal to Dutch Supreme Court and are confident the Court of Appeal will confirm $50 billion Arbitral Awards
November 5, 2021 — The former Yukos majority shareholders today won on all substantive grounds of Russia’s appeal to the Dutch Supreme Court. However, the Dutch Supreme Court decided that certain factual allegations need to be reviewed in full (having been decided previously by the Court of Appeal on purely procedural grounds). Therefore, the Supreme Court has referred the case to the Court of Appeal in Amsterdam, which will review this one limited issue.
Advocate-General advises Dutch Supreme Court to dismiss Russia’s appeal and uphold $50 billion Yukos awards
April 23, 2021 — Today, the Advocate-General of The Netherlands advised the Dutch Supreme Court to dismiss the Russian Federation’s cassation appeal in its entirety and to uphold the 2020 Court of Appeal ruling which reinstated the Arbitral Awards in favour of the former Yukos majority shareholders. The Awards order Russia to compensate the shareholders for the unlawful expropriation of their investment. The compensation amounts to more than $50billion, a measure of the company’s success before it was destroyed.
Supreme Court of The Netherlands hears Russia final attempt to set aside $50 billion awards
February 4, 2021 — On Friday 5 February, the Supreme Court of The Netherlands holds a hearing on the Russian Federation’s appeal against the Court of Appeal judgment reinstating the 2014 Arbitral Awards. The Awards order Russia to compensate the former Yukos majority shareholders for the unlawful expropriation of their investment. The compensation amounts to more than $50 billion, a measure of the company’s success before it was destroyed.
Former Yukos shareholders seize Stolichnaya and Moskovskaya vodka trademarks as part of enforcement of Arbitral Awards against the Russian Federation
May 18, 2020 — The former Yukos majority shareholders have seized a number of alcohol drinks trademarks in the Benelux region, which are owned by the Russian Federation. The trademarks include the well-known Stolichnaya and Moskovskaya vodka brands.
The Hague Court of Appeal reinstates $50+ billion Arbitral Awards in favour of former Yukos majority shareholders
February 18, 2020 — The Hague Court of Appeal in the Netherlands today decided to reinstate the Arbitral Awards of 2014, which order the Russian Federation to compensate the former Yukos majority shareholders for the unlawful expropriation of their investment. The Awards amount to more than $50 billion, a measure of the company’s success before it was destroyed. Tim Osborne, GML’s chief executive, commented on today’s ruling: “This is a victory for the rule of law. The independent courts of a democracy have shown their integrity and served justice. A brutal kleptocracy has been held to account.”
Yukos shareholders aim to reinstate Arbitral Awards against Russian Federation in The Hague
September 23, 2019 — Today at The Hague Court of Appeal, the former majority shareholders of Yukos will argue that the Arbitral Awards ordering the Russian Federation to compensate them for the unlawful expropriation of their investment should be reinstated. The hearing takes place on 23, 24 and 30 September, and is open to the public.
Former Yukos majority shareholders withdraw from enforcement in Belgium
November 2, 2017 — The former majority shareholders decided to withdraw from enforcement proceedings in Belgium after the Brussels Attachments Court released all the attachments of the Russian Federation’s assets. This follows on new Belgian legislation – the so-called ‘Yukos law’ – which was enacted in 2015 by the federal government in response to Russian pressure. The new legislation drastically limits the possibility of attaching further assets belonging the Russian Federation in Belgium. This means it no longer makes economic sense to enforce the 2014 Arbitral Awards in Belgium.
Former Yukos majority shareholders withdraw from enforcement in France
October 10, 2017 — The former majority shareholders decided to withdraw from enforcement proceedings in France after most of the attachments had been lifted by by enforcement judges around the country. GML has concluded that it is economically inefficient to pursue enforcement in France. Today’s decision also took into account new French legislation that came into force in 2017 as part of the ‘Sapin II’ economic reforms. The new legislation drastically limits the possibility of attaching further assets belonging to the Russian Federation in France. The previous French government introduced the new rules in response to pressure from the Russian government.
Former Yukos majority shareholders remain determined to obtain justice following a new decision in the Paris Court of Appeal
June 27, 2017 — The Paris Court of Appeal confirmed that the 2016 decision of The Hague District Court – to set aside the 2014 arbitral awards condemning the Russian Federation to pay the former Yukos majority shareholders $50 billion in compensation – does not affect the recognition and enforcement of these awards in France. The Court has decided to reopen the debates before it, inviting both parties to comment on the possibility of requesting a preliminary ruling from the Court of Justice of the European Union on the interpretation of the Energy Charter Treaty. The parties are required to submit their arguments on this issue by 10 October 20
Former Yukos majority shareholders defend French court’s decision to execute $50 billion award
May 12, 2017 — Today at the Paris Court of Appeal, the majority shareholders of the former Yukos Oil Company argued to sustain a Paris court’s decision of 2014 to recognise and enforce their $50 billion arbitral award against the Russian Federation.
Former Yukos shareholders launch fight in The Hague to restore $50 billion arbitral award against Russian Federation
March 17, 2017 — The majority shareholders of the former Yukos Oil Company have submitted their statement of appeal against the Russian Federation to The Hague Court of Appeal. The former majority shareholders aim to overturn The Hague District Court’s decision of April 2016 that set aside the arbitral awards of July 2014. The 2014 awards ruled that the Russian Federation illegally expropriated Yukos Oil Company in violation of the investment-protection provisions of the Energy Charter Treaty. An independent tribunal awarded the majority shareholders more than $50 billion in compensation.
GML launches appeal of The Hague District Court ruling
July 18, 2016 — GML, through its subsidiaries Hulley Enterprises Limited and Yukos Universal Limited, together with Veteran Petroleum Limited (the former “majority shareholders” of Yukos Oil Company), today issued a Notice of Appeal against the judgment by the District Court in The Hague of 20 April 2016, setting aside the July 2014 Arbitral Awards against the Russian Federation in relation to its expropriation of Yukos Oil Company.
Former majority Yukos shareholders to continue pursuing $50 billion award globally despite Dutch court ruling
April 20, 2016 — The District Court of The Hague allowed the challenge brought by the Russian Federation to the landmark 2014 arbitral award ordering the Russian Federation to pay over $50 billion to the former majority shareholders of Yukos Oil Company. In its decision, the District Court held that the award could not stand on the ground that the Russian Federation was not bound by the provisional application of Article 26 of the Energy Charter Treaty containing the offer to arbitrate, despite Russia having consented to its provisional application pursuant to Article 45 of the Treaty.
Yukos majority shareholders win record compensation from Russia
July 28, 2014 — The former majority shareholders of Yukos Oil Company have won record awards in excess of $50 billion in their expropriation claim against the Russian Federation. The claim – which is the largest in international arbitration history – was brought under the Energy Charter Treaty (ECT). In the decision, an independent arbitral tribunal sitting in The Hague ruled unanimously that the actions of the Russian Federation were politically motivated and constituted expropriation of the majority shareholders’ investment in Yukos.
News articles
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Iconic Russian state-owned vodka brands auctioned in December
The auction will be held by Equilibristen Baillifs on Tuesday, December 6th starting at 14.00 hrs in Nieuwspoort, Bezuidenhoutseweg 67 in The Hague. The trademarks and related copyrights will be auctioned in one lot. Admission is subject to the discretion of the bailiff and will only be granted to parties that have registered in accordance with the auction conditions and paid the required deposit by December 1st, 2022. Prior accreditation is required for journalists. For more information and accreditaion, please visit www.equilibristen.nl/auctions.
Dutch Court approves seizure of iconic vodka brands by former Yukos shareholders to enforce $50 billion Awards against Russian Federation
Tim Osborne reacts to the withdrawal of Houthoff and Albert Jan van den Berg as counsel for the Russian Federation
Dutch Supreme Court refers one issue to Court of Appeal
Tim Osborne, Chief Executive of GML, the holding company of the former Yukos majority shareholders, said: “We will study the Supreme Court ruling, but are confident that the Court of Appeal in Amsterdam will dismiss the baseless allegations raised by the Russian Federation, and the Arbitral Awards will be upheld.”
Advocate-General advises Dutch Supreme Court to dismiss Russia’s appeal
Tim Osborne, GML’s Chief Executive, said: “The Advocate-General has rightly endorsed the Court of Appeal ruling, which is thorough, well-reasoned and correct. He underlines that the Russian Federation is bound by the treaties it signs, and cannot escape the rule of law. We are confident that the Supreme Court of The Netherlands will likewise uphold the Court of Appeal’s ruling.”
Emmanuel Gaillard (1952-2021)
Yukos shareholders seize vodka trademarks in The Netherlands
The former Yukos majority shareholders are enforcing the Arbitral Awards, which order the Russian Federation to compensate them for the unlawful expropriation of their investment in Yukos Oil Company. In 2014, an independent, international Arbitral Tribunal awarded compensation of more than $50 billion to the shareholders. In February 2020, The Hague Court of Appeal upheld the Arbitral Awards. Following that judgment, The Hague District Court granted the exequatur orders allowing the enforcement of the Arbitral Awards in The Netherlands.
Tim Osborne, Chief Executive of GML, said: “As long as the Russian Federation defies the international courts that have found it liable, we will seize Russian state assets in accordance with the law. The attachment of the trademarks in The Netherlands is just the start.”
The Hague Court of Appeal reinstates Arbitral Awards
In July 2014, an independent international Arbitral Tribunal in The Hague ruled unanimously that the Russian state had unlawfully expropriated Yukos Oil, the country’s most successful company and largest taxpayer. The Tribunal found that “Russian courts bent to the will of Russian executive authorities to bankrupt Yukos, assign its assets to a state-controlled company [Rosneft] and incarcerate a man [Mikhail Khodorkovsky] who gave signs of becoming a political competitor.”
Today’s ruling fully reinstates the Arbitral Awards of 2014, and overturns the bizarre 2016 decision of the District Court of The Hague to set them aside. The former Yukos majority shareholders believed that the District Court’s decision was fundamentally flawed, and therefore appealed it to The Hague Court of Appeal, submitting thousands of pages of legal submissions, evidence and witness statements.
Dutch Supreme Court rules that Russia unlawfully bankrupted Yukos
“It’s extremely satisfying to have an independent and impartial court of law make such a significant ruling and recognise the blatant theft of Yukos Oil by the Russian Federation,” said Steven Theede, former Yukos CEO and board member of the Yukos Foundations, which oversaw the litigation. “It is a good day for the rule of law.”
The Appeals Court found that Yukos’ bankruptcy in 2006, which led to the sale of the shares of Yukos Finance, cannot be recognised in the Netherlands. The Russian authorities drove Yukos into bankruptcy as part of a politically-motivated assault on then-Yukos CEO Mikhail Khodorkovsky. Yukos’s assets in Russia were primarily transferred to Rosneft.
In another Yukos case pending before the Dutch courts, the Amsterdam District Court, on December 5 2018, rendered a highly critical judgment on the Russian court system. The judgment underlined the lack of impartiality and independence of Russian courts, which, in cases against Yukos, served the interests of the Russian government. The Amsterdam Court specifically referred to the practice whereby Russian judges are told how to render judgments in favor of the government, even receiving fully drafted judgments to hand down.
GML welcomes The Hague Appeals Court ruling
The former Yukos majority shareholders welcome the court’s ruling, in particular its decision to throw out Russia’s allegations that the shareholders committed fraud upon the Arbitral Tribunal. They now look forward to exposing Russia’s other false allegations, which aim to distract the court from the brutal destruction of a successful company. The unlawful expropriation of Yukos served to eliminate a political rival, Mikhail Khodorkovsky, and siphon valuable assets to the state-owned companies, Rosneft and Gazprom. This was the opening act of the kleptocracy that is the regime of Vladimir Putin.
Tim Osborne, Chief Executive of the former Yukos majority shareholders (GML), said:
“We asked the Court of Appeal to clarify the scope of the legal dispute and the issues to be addressed by the parties. Even though the Russian Federation had argued against it, the Court of Appeal ruled this was an appropriate and admissible request to delineate the scope of the appeal. The Court subsequently decided to throw out the Russian Federation’s allegations that the Claimants committed fraud upon the Arbitral Tribunal. At the same time, the Court decided that it will hear the parties’ arguments on the merits of the Russian Federation’s accusations about alleged historical “illegalities” related to the privatisation of Yukos. We welcome the clarifications provided by the Court. We now look forward to exposing Russia’s false accusations for what they are: one more desperate attempt to divert the court’s attention from the truth.”
The 2014 Awards are the result of a decade-long independent arbitration in The Hague, which concluded unanimously that Russia unlawfully expropriated Yukos Oil Company and thus violated its obligations under the Energy Charter Treaty. The Arbitral Tribunal awarded compensation of over $50 billion to the former Yukos majority shareholders.
The Awards were then set aside in 2016 by the District Court of The Hague on the grounds that the Arbitral Tribunal lacked jurisdiction since Russia had not ratified the Energy Charter Treaty and was not bound by its provisional application. The former Yukos majority shareholders believe the ruling of the District Court was wrong, and have appealed to The Hague Court of Appeal to reinstate the Awards.
In response to the appeal, Russia has changed the factual and legal basis of its claims to set aside the Arbitral Awards. It has brought a host of false allegations, which the Arbitral Tribunal firmly rejected; the former Yukos majority shareholders asked The Hague Court of Appeal for guidance on whether Russia should be allowed to do so. Today the court decided to hear some of those allegations, and the shareholders look forward to exposing them as one more attempt to rewrite history.
GML takes part in procedural hearing in The Hague
The 2014 Awards are the result of a decade-long independent arbitration in The Hague, which ruled unanimously that Yukos Oil Company was unlawfully expropriated by the Kremlin. The Arbitral Tribunal awarded compensation of over $50 billion to the former Yukos majority shareholders.
The Awards were then set aside in 2016 by the District Court of The Hague on the grounds that the Arbitral Tribunal lacked jurisdiction to rule as the Russian Federation had not ratified the Energy Charter Treaty. GML has since appealed to The Hague Court of Appeal to reinstate the Awards.
At the procedural hearing of 19 June, GML demonstrated that the Kremlin is violating Dutch law by attempting to alter the factual and legal basis of its claims to set aside the Arbitral Awards. The Kremlin wants to divert the Court’s attention from the legal question that truly matters – whether the Arbitral Tribunal had the jurisdiction to rule in this dispute – and from the truth: an unlawful expropriation by a ruthless regime, which used all the power of the state to destroy a successful company and hand its assets to Rosneft and Gazprom, the state-controlled companies.
GML has argued that the Court should disregard the Russian Federation’s attempts to alter the factual and legal basis of its claims. The court is expected to rule on these procedural matters by 25 September 2018.
Dutch Parliament calls for European Magnitsky Act
The original US Magnitsky Act was passed by the US Congress and signed by President Obama in 2012. It punishes the Russian officials responsible for the murder of Russian tax accountant, Sergei Magnitsky, who died in a Moscow prison in 2009. Since 2016, the US government applies the law to human-rights abusers around the world.
Dutch intelligence uncovered Russian interference in US elections
Western intelligence services have been hunting Cozy Bear for years as it attacks government agencies and businesses around the globe, including in The Netherlands. Together with Fancy Bear, another group of Russian hackers, Cozy Bear hacked into the Democratic National Committee ahead of the US presidential elections. The group was caught by Dutch intelligence services, who again alerted their US counterparts.
Dutch Interior Minister warns of Russian disinformation
The witness statement, drafted by Mr Omtzigt, supported Russia’s claims that it played no role in the incident. Even though he was nowhere near the site of the shooting down, the witness claimed that he had seen “other aircraft” in the sky; his argument echoed Russia’s theory that Ukrainian fighters had downed the plane. The Dutch-led Joint Investigation Team (JIT) ruled out Russia’s theory in 2016.
Flight MH17 was shot down on 17 July 2014 over Ukraine as it flew from Amsterdam to Kuala Lumpur. Everyone on board was killed, including 196 Dutch citizens. The JIT published its interim results in September 2016: the Buk missile that downed the plane was moved from Russia to rebel-held Ukraine in the morning of 17 July 2014, and then returned to Russia soon after.
The JIT has identified around 100 persons who played a role in the events. It hopes to conclude its investigation by spring 2018. The Netherlands and the other countries supporting the investigation have agreed that the perpetrators should be tried before a Dutch court.
Vasily Aleksanyan (1971-2011)
Mr Aleksanyan was a Russian lawyer and Vice-President of Yukos. In April 2006, as the Kremlin executed its strategy to expropriate the company, Mr Aleksanyan was arrested on fabricated charges by Russian police. A few months after his detention, he was diagnosed with lymphoma and HIV, which he had contracted from a blood transfusion. His condition demanded urgent hospital treatment but this was repeatedly and brutally denied – because Mr Aleksanyan refused to give false testimony against his colleagues. He remained in pre-trial detention for almost three years in conditions described as “monstrous” by Russia’s Human Rights Council.
In December 2008, the European Court of Human Rights found Russia guilty of violating the European Convention on Human Rights, and ordered Mr Aleksanyan’s immediate release. State authorities kept him chained to a bed for a further three weeks, and he was not released until January 2009. Even then, he was repeatedly summoned to attend court hearings, barely able to stay on his feet. On 3 October 2011, Vasily Aleksanyan finally succumbed to his illness, and died at home in Moscow.
How Rosneft manipulated the judicial process in The Netherlands
NRC, November 24, 2016
Journalists from Dutch print daily NRC Handelsblad exposed how Russian state-owned oil company Rosneft manipulated the judicial process in The Netherlands. Rosneft wrote verdicts for judges in Armenia in an attempt to manipulate the judgment of the Amsterdam Court. They almost got away with it, until NRC got its hands on the email trail.