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Monday, February 19, 2018

Russia refused to pay the former shareholders of Yukos


The decision of the Strasbourg court on the suit of shareholders of Yukos, demanded from Russia of 1.9 billion euros, contrary to the Russian Constitution and will not be fulfilled. This decision was passed on Thursday by the constitutional court. The head of the constitutional court Valery Zorkin recalled that the plaintiffs were dishonest. The requirements of the former partners of Khodorkovsky and decline in the West. But the recurrence of the Yukos case will long be felt.

“The activities of Yukos as a willful defaulter of taxes was prvorazredni effect,” said Thursday the President of the constitutional court (CC) Valery Zorkin, commenting on the decision of this court: Russia may not comply with the decision of the European court of human rights and not to pay 1.9 billion euros in compensation to former Yukos shareholders. “The decision of the ECHR (Yukos case) is impossible” – quoted by TASS Zorkin.

“The pressure on Russia by former Yukos shareholders will continue”

The court ruled that the compensation is unfair, which violates the principles of equality and justice.

Recall that in July 2014, the ECHR ruled that Russia must pay the former shareholders of the company of Mikhail Khodorkovsky to 1.86 billion euros. We are talking about money that is ordered to pay the complaint of the former shareholders considered by the Strasbourg court in 2011, plus 300 million euros of legal costs. After this, the Russian justice Ministry appealed to the constitutional court.

In particular, according to Zorkin, the court’s Yukos case is contrary to the Constitution of Russia, and Moscow has the right to deviate from imposed duties, reports RIA “Novosti”.

The constitutional court explained that Russia does not refuse the obligations to fulfill the ECHR decision, but will execute only those orders that comply with the Constitution of the country.

The Council of Europe hastened to Express their concern about the decision of the Russian COP.

“The majority shareholders were involved in illegal activities

Russia on the basis of goodwill have the right to make certain payments to the former shareholders of Yukos who have suffered from illegal actions of its management, “at the expense of newly identified assets of Yukos.” This is also mentioned in Thursday the decision of the COP.

Zorkin not left without attention and other former shareholders of “majorities” who filed the complaint in the Strasbourg court.

“The majority shareholders of Yukos, are the persons who participated in the illegal activities of the company”, – said the Chairman of the COP. Zorkin noted that, “even if shareholders were not directly involved in building the illegal schemes, which had negative consequences for the company (they) received dividends including at the expense of the subject at the fair tax payment in the budget”.

“Anyone and anything”

Earlier, in December of last year, its position on the claim, the ECHR expressed the Ministry of justice.

Commissioner of Russia to the Strasbourg court, the Deputy Minister of justice Georgy Matyushin said: the ECHR, in rendering its decision, was guided by the Convention on the protection of human rights and fundamental freedoms. But the interpretation of this Convention, which gave the Strasbourg court, contrary to the Constitution of Russia, said the representative of the Russian Federation at the ECHR.

Matyushkin stated that himself, the Strasbourg court did not deny the fact of tax violations in Yukos. “The fact of tax offences and the legality of the prosecution directly confirmed by the decision of the ECHR,” he said.

In turn, the presidential envoy in the constitutional court, Mikhail Krotov noted: payment of 1,866 billion euros from the state budget may affect the financial burden on Russian taxpayers. According to Krotov, in 2016 the amount of compensation paid under the decisions of the ECHR amounted to 500 million rubles, in 2017 these expenses budget established in the amount of 600 million rubles.

In turn, the Plenipotentiary of the President in KS Michael Barshchevsky thought of the ending of an old joke, which simply reflects his position: “Anyone and anything”.

There will be new suits and new amount

“People who in the era of weak States “stole” his oil assets are good, should stay quiet”

Economist, Vice-President Golden coin house Alexey Vyazovskiy indicates that the case was political and, unfortunately, is more political than legal.

“The decision of the COP was expected, but is likely to pressure the former shareholders of Yukos to Russia will continue, and from the Western courts, we can hardly expect a fair decision on this issue. I suppose some compensation to former shareholders will want us to do further”, – said the expert newspaper VIEW the decision of the constitutional court of Russia.

According to Vyazovskiy, ahead of us, apparently, are waiting for new actions and new decisions concerning compensation. “It may be even very large compensation, which, if they are implemented, will jeopardize the fiscal stability of Russia, and even our foreign exchange reserves”, – said the economist. The expert reminded that, although in the world there is the practice of arresting foreign reserves of any state, but, unfortunately, sooner or later it happens. “For Russia, in such circumstances, the possession of money and assets abroad, particularly in us Treasury bonds, is the risk,” he says.

By the way, recall that in may 2015, the former shareholders of Yukos appealed to the courts of the United States, France and Britain on the issue of “arrest of property of the Russian Federation” in the framework of execution of the decision of the International court of arbitration in the Hague.

“The international community de facto recognized the nationalization of Yukos”

The Director of analytical Department of company “Alpari” Alexander Razuvaev believes that handed down on Thursday the constitutional court’s decision was expected.

“Nothing surprising, just Russia has sovereignty. Moreover, this decision will not affect the economy, in particular on the exchange, all were convinced that will be the case,” – said the expert newspaper VIEW.

As for the history with Yukos, according to Razuvaev, everything was done within the law. “Moreover, in 2006, when the company “Rosneft” has placed its shares on world markets and on the Moscow stock exchange, world community, by purchasing securities worth more than $ 10 billion, de facto recognized the nationalization of Yukos,” added the economist.

According to the analyst, the history of claims of former shareholders of Yukos long time to forget, don’t be a geopolitical confrontation between Russia and the West, would it not remembered. Now, he said, it’s just another tool of pressure on Russia.

In the footsteps of the firm Noga

As regards further steps on the part of Yukos shareholders, Razuvaev also believes that they will continue to sue to try to get some compensation. “History of the Swiss firm Noga again. But all this for them is absolutely futile. If they got some ACE in the hole, they would have long since pulled. YUKOS was officially abolished on 4 November 2007, again, it’s an old story. Everything was within the law, even the assets of the subsidiary companies were sold at fair prices, taking into account their debts. Nothing to complain about,” – says Razuvaev.

In addition, the economist noted that the case raised serious money and are very important for Russia question about the oil sector. “This is not the question of when Russia can dictate some conditions from abroad. Key Yukos shareholders have to do to calm down. Khodorkovsky was released overseas, not a poor man he would have lived for his own pleasure, to fight against Russia have no prospects,” the economist added.

The sum of 1.9 billion euros, which we had the ECHR’s decision to pay shareholders of Yukos, said Razuvaev, of course, insignificant in comparison with the international reserves of Russia, which account for about 400 billion dollars.

“On the other hand, why do we have to pay? People who in the era of weak States “stole” his oil assets are good, needs to sit quietly and not fight with this state. It can also bad for them to end,” says the analyst.

Failure in the West

As previously explained to the newspaper VIEW, among those who want at the expense of the Russian state, and thus Russian citizens to improve their well-being, the following ex-Yukos shareholders Hulley Enterprises Cyprus (wants to 39.9 billion dollars), Yukos Universal man ($1.8 billion), the Cyprus Veteran Petroleum (8.2 billion dollars).

Recently, the requirements of the former Yukos shareholders dismissed in West court.

In April 2016, the Hague regional court quashed the decision to pay Russia $ 50 billion at the suit of the former shareholders. The Kremlin welcomed this is the biggest decision in the international arbitration practice – “for the first time in 20 years, canceled the decision of the Hague Tribunal”, said on this occasion, Dmitry Peskov.

In July last year, the former shareholders also suspended consideration of the claim against Russia filed in London’s High court, and has withdrawn a lawsuit filed in German court. And on April 15, 2016, the court in Paris decided to lift the arrest blocked the former shareholders of the funds intended for the FSUE “Space communications”. The same court recognized as illegal the freezing of funds in Bank accounts offices of the MIA “Russia today” in France, as part of another claim of the former shareholders.

However, as reported in September last year, the total amount of claims of former shareholders of Yukos is 65 billion dollars.

source

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