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 Russia receives summons on Yukos lawsuit from the US

юкос

In late June Russia received notice of suit from former Yukos shareholders on recognition of the Hague Permanent Court of Arbitration decision in U.S.

As reported by Censor.NET citing Rosbalt, it's expressed in a report by Shearman & Sterling, representing former Yukos shareholders.

According to the report on the case status, filed in the Court of the District of Columbia (Washington) July 1, the U.S. Embassy in Moscow handed a package of juridical documents to Moscow on June 22. This is a petition of Hulley Enterprises, Yukos Universal and Veteran Petroleum (the former shareholders of Yukos who have won compensation of 50$ billion plus penalty interest in the Hague) on the recognition and enforcement of an arbitral award in the United States.

Russia has been handed summons going through U.S. State Department since the beginning of January.

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According to the American legislation another state has 60 days to respond to a lawsuit filed against it. Now Russia has time until August 20 to react.

If Russia is not able to convince U.S. judges, former Yukos shareholders will be eligible to collect state-owned commercial assets of Russia in the U.S. as a compensation, which Russia refuses to pay.

The British and U.S. legislation does not stipulate for security arrest before the end of the decision recognition procedure in local courts.

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