Russia to appeal against $50bn Yukos shareholder payout

MOSCOW: -- Russia will appeal against a international court ruling that it should pay $50bn (£29.5bn) in damages, the biggest compensation package ever.

Russia was told to pay the money to former shareholders in the now defunct oil producer Yukos.

The Hague court said Russian officials had manipulated the legal system to bankrupt Yukos, and jail its boss.

The Russian finance ministry said the ruling was "flawed", "one-sided" and "politically biased".

The ministry added that the Permanent Court for Arbitration in The Hague "had no jurisdiction to consider the questions it was given".

Full story: http://www.bbc.com/news/business-28520892

[bbc]2014-07-29[/bbc]
 

Made the comment before........Russia is broke and will fight if they cannot pay.  China will use North Korea to do the nasty with China's oldest enemy Japan.  When the U.S. comes to the aid of Japan then the Chinese will have a legitimate reason to defend its territorial waters in the south china seas.They will claim back Taiwan first, which is almost a feit accompli already.

 

Does your scenario assume it developing into nuclear sooner or later?

 

According to the financial Times Putin won't worry about paying anyway

 

 

One person close to Mr Putin said the Yukos ruling was insignificant in light of the bigger geopolitical stand-off over Ukraine.

“There is a war coming in Europe,” he said. “Do you really think this matters?”

 

 

 

 

http://www.ft.com/intl/cms/s/b01cfb72-1669-11e4-8210-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fb01cfb72-1669-11e4-8210-00144feabdc0.html%3Fsiteedition%3Dintl&siteedition=intl&_i_referer=http%3A%2F%2Fwww.zerohedge.com%2Fnews%2F2014-07-28%2Fshocking-reason-putin-isnt-worried-about-50-billion-yukos-ruling#axzz38kYGc6KI

According to the financial Times Putin won't worry about paying anyway
 
 

One person close to Mr Putin said the Yukos ruling was insignificant in light of the bigger geopolitical stand-off over Ukraine.
There is a war coming in Europe, he said. Do you really think this matters?
 

 
 
 
http://www.ft.com/intl/cms/s/b01cfb72-1669-11e4-8210-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fb01cfb72-1669-11e4-8210-00144feabdc0.html%3Fsiteedition%3Dintl&siteedition=intl&_i_referer=http%3A%2F%2Fwww.zerohedge.com%2Fnews%2F2014-07-28%2Fshocking-reason-putin-isnt-worried-about-50-billion-yukos-ruling#axzz38kYGc6KI

Probably matters to those ripped off. Does this mean we can can all avoid paying our debts because there is a drug war in Mexico and comparatively speaking my debts are not that big of a deal compared to all of the individuals being kidnapped, tortured and beheaded in Mexico.

Not sure which is more comical, Putin's misdirection/excuses or those that actually buy into it.

 

According to the financial Times Putin won't worry about paying anyway
 
 

One person close to Mr Putin said the Yukos ruling was insignificant in light of the bigger geopolitical stand-off over Ukraine.
There is a war coming in Europe, he said. Do you really think this matters?
 

 
 
 
http://www.ft.com/intl/cms/s/b01cfb72-1669-11e4-8210-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fb01cfb72-1669-11e4-8210-00144feabdc0.html%3Fsiteedition%3Dintl&siteedition=intl&_i_referer=http%3A%2F%2Fwww.zerohedge.com%2Fnews%2F2014-07-28%2Fshocking-reason-putin-isnt-worried-about-50-billion-yukos-ruling#axzz38kYGc6KI

Probably matters to those ripped off. Does this mean we can can all avoid paying our debts because there is a drug war in Mexico and comparatively speaking my debts are not that big of a deal compared to all of the individuals being kidnapped, tortured and beheaded in Mexico.

Not sure which is more comical, Putin's misdirection/excuses or those that actually buy into it.

 

 

 

Well, we can't all be as knowledgeable as you can we?

 

Meanwhile as a lawyer, perhaps you could explain how this decision from The Permanent Court of Arbitration in The Hague said the campaign against Yukos was "politically motivated," whereas when the European Court of Human Rights delivered its ruling on the dismemberment of Yukos in September 2011 decided that the attack on Yukos was not politically motivated.

 

Does the Court of arbitration have a higher legal authority than the European Court of human rights?

 

http://www.economist.com/blogs/easternapproaches/2011/09/yukos

Putin, being the dictator he is, basically does as he pleases. Much personal fortune was gained, by shafting the shareholders and principals of Yukos, as well as Rosneft, and many others. What he did to Mikhail Khodorkovshy was a massive crime, perpetrated by a mafia don. He is essentially the Godfather of Russia. He does as he pleases, steals what he wants for himself, and behaves as if the world community is not looking. Well, the world is looking. We are watching. You are busted Mr. Putin. You are outed, as the man you truly are. And that is not a very big man, despite how you feel about yourself. 

The world of high finance is way beyond my intellect. The US can print an extra 85 billion a month for years with seemingly no issues.  Of course the courts bent to the will of Putin in bankrupting Yukos and of course the shareholders should be compensated. Get on with it. Those assets purchased by Gazprom at pennies on the dollar were valuable. Make restitution now or suffer the consequences later.

 

 

Made the comment before........Russia is broke and will fight if they cannot pay.  China will use North Korea to do the nasty with China's oldest enemy Japan.  When the U.S. comes to the aid of Japan then the Chinese will have a legitimate reason to defend its territorial waters in the south china seas.They will claim back Taiwan first, which is almost a feit accompli already.

 

Does your scenario assume it developing into nuclear sooner or later?

 

 

This is all about money and power.  Nobody wins with nukes.  The Chinese don't want it nor do the yanks.  If it comes it will be a renegade nation and I will leave that up to the imagination.

 

 

 But it is your expression “China will use North Korea to do the nasty with China's oldest enemy Japan “ that  made me think about nuclear. Presumably that is your” renegade nation “

 

Made the comment before........Russia is broke and will fight if they cannot pay.  China will use North Korea to do the nasty with China's oldest enemy Japan.  When the U.S. comes to the aid of Japan then the Chinese will have a legitimate reason to defend its territorial waters in the south china seas.They will claim back Taiwan first, which is almost a feit accompli already.

   Or even a fait accompli

Made the comment before........Russia is broke and will fight if they cannot pay.  China will use North Korea to do the nasty with China's oldest enemy Japan.  When the U.S. comes to the aid of Japan then the Chinese will have a legitimate reason to defend its territorial waters in the south china seas.They will claim back Taiwan first, which is almost a feit accompli already.

Russia has ZERO net debt.

Just thought id clear that up.

 

Made the comment before........Russia is broke and will fight if they cannot pay.  China will use North Korea to do the nasty with China's oldest enemy Japan.  When the U.S. comes to the aid of Japan then the Chinese will have a legitimate reason to defend its territorial waters in the south china seas.They will claim back Taiwan first, which is almost a feit accompli already.

Russia has ZERO net debt.

Just thought id clear that up.

 

That's actually not true:

 

http://www.tradingeconomics.com/russia/government-debt-to-gdp

 

 

Made the comment before........Russia is broke and will fight if they cannot pay.  China will use North Korea to do the nasty with China's oldest enemy Japan.  When the U.S. comes to the aid of Japan then the Chinese will have a legitimate reason to defend its territorial waters in the south china seas.They will claim back Taiwan first, which is almost a feit accompli already.

Russia has ZERO net debt.

Just thought id clear that up.

 

That's actually not true:

 

http://www.tradingeconomics.com/russia/government-debt-to-gdp

 

I said net debt. Russia has a half trillion in forex reserves. 5th most on the planet

 

1  People's Republic of China^[1] 4,009,553 Mar 2014^[1] 2  Japan 1,283,920 May 2014^[2] 3  Saudi Arabia 737,715 Apr 2014^[3] 4   Switzerland 544,675 May 2014^[4] 5  Russia 478,250 Jun 2014^[5]