Ex-Yukos shareholders through US and European courts want to achieve the arrest and seizure of the property of Russia at 50 billion dollars. Washington is without any doubt can take advantage of it in the game against Russia. However, if Europe is ready to get involved in this farce, completely discredited his vaunted judicial system?
Former Yukos shareholders appealed to the courts of the United States, France and Britain on the “seizure of property of the Russian Federation” in the execution of the decision International Court of Arbitration in The Hague. This was reported by the German newspaper Süddeutsche Z eitung citing Tim Osborne (CEO of Group Menatep Limited), representing the interests of former Yukos shareholders. Recall that last summer the court in The Hague, after ten years the investigation unexpectedly ruled in favor of ex-Yukos shareholders, demanding that Russia pay them about $ 50 billion.
«To recover from such a huge amount of state the claim of some scam is not clear on what basis – this is nonsense »
According to the German newspaper, shortly company GML, which is Osborne intends to file similar lawsuits in the courts of the Netherlands and Belgium. The first lawsuit with similar requirements of ex-Yukos shareholders filed in a German court in late 2014.
Their goal – to arrest and confiscate the property of the Russian state in the US and European territories in the $ 50 billion. Earlier, the German edition Spiegel did not exclude that in Germany, the Russian property that the court could require the arrest would be ordered in Germany for the aircraft “Aeroflot” or gas payments to Gazprom.
Russia considers the decision of the court in The Hague politicized, and in November last year filed a counter-suit to appeal. The court did not take into account many factors at once, testifying in favor of Russia. Moreover, they were not heard by Russian experts have not considered as violation of tax legislation of the Russian Federation Yukos and the ECHR decision from 2011 to the same requirements, in which the claim Yukos satisfied only by insignificant items. Not to mention the fact that the decision of the court in the Netherlands was announced the next day after the crash of the Boeing on the territory of Ukraine, which killed a lot of Dutch people.
The court in The Hague awarded to Russia to collect half the amount, demanding than the former Yukos shareholders. But this court decision is no less controversial.
Among those who want the expense of the Russian state, which means that the citizens of Russia, to improve their welfare, following the former Yukos shareholders: Cyprus Hulley Enterprises (wants 39 9 billion), Yukos Universal Manx ($ 1.8 billion), Cyprus Veteran Petroleum (8,2 billion).
Experts believe that the court should not stand on the side of the individual who hide behind offshore companies. The state is nothing they are not selected. “Yukos was sold to major shareholders to pledge auction, in fact it gave them free. Then Russia with great difficulty got back its key oil assets “- reminiscent of Alexander Razuvaev of« Alpari ».
« A Yukos went bankrupt in 2003. – 2007. strictly within the law. Moreover, in 2006, Rosneft’s IPO, which went to the core assets of the company, buyers of shares and ADR Steels Classy Western foreign investors, who in fact their money supported the Yukos case. After the IPO high demand of foreign investors drove Rosneft capitalization of $ 100 billion. Now, however, the foreign policy situation is different, the Yukos affair – this is another instrument of pressure on Russia, so the courts can be biased, “- said the newspaper VIEW Razuvaev.In the 90 years has had a similar situation with the Swiss firm Noga. This company did not like that the Russian authorities broke her contract due to violation of the terms and conditions machinations. Noga start legal proceedings in the European courts against Russia and some even won the case, he arrested the foreign accounts of a number of Russian banks tried to arrest Russian planes at Le Bourget, and in 2005 – , and a collection of paintings from the Pushkin Museum, which is located in Switzerland. But then, common sense has prevailed in Europe, and the arrests of property were found illegal by the European authorities, paintings also returned to Moscow.
However, in the current geopolitical situation is not excluded a biased attitude towards Russia in American and European courts. “It’s more of an adventure for European justice, because of the state recover from such a huge amount on the claim of some scam is not clear on what basis – this is nonsense. Even the court partly admitted that Yukos used fraudulent schemes, in particular on tax evasion “, – said independent analyst Narek Avagyan.
« This is a form of political pressure. Europe makes it clear that in addition to the sanctions it has also here such arms, they say, we can also here so you prick. But it is irresponsible steps “, – he said.
If you imagine that the American and European courts still will welcome the former shareholders of the oil company in the Russian state property expropriation in their territories, they still have to work hard to find these objects that can be arrested.
What can be considered state property abroad? Russia has hundreds of properties abroad that crossed the Russian Federation inherited from the Soviet Union, plus there is a share in the capital of foreign companies. For example, according to the Chamber of Accounts in 2006, on the balance of the Russian Foreign Ministry in 124 countries in 2001 is an object. Their value was estimated at $ 2.5 billion. And on the balance of the FSUE “Goszagransobstvennost” manager of President of the Russian Federation there were 964 subject in 75 countries carrying value of $ 125 million. True, the Chamber then indicated that the cost of facilities is not always consistent with the real, and often has been calculated in the prices of 1921.
But Avakian says that in Europe, it is hardly possible to find all the objects in the $ 50 billion. Therefore, it is possible that these former shareholders will not be limited and may covet as the overseas property of the Russian companies, where there is a share of the state.
Another method of selecting the property of another country – to freeze the international reserves of its central bank. The West has repeatedly used this mechanism. For example, the Central Bank of Libya, was $ 70 billion posted in the securities of the Western countries and in Western banks. In 2011, the United States and other Western countries have declared an economic blockade of Libya and froze its foreign reserves in the banks on Wall Street, the City of London and a number of European banks. After the murder of the money Gaddafi thawed, but some have not returned with the promise that they spent on the restoration of democracy, that is, military intervention.
Chairman of the Russian Economic Society named Valentin Katasonov Sharapova believes the story an example of the largest confiscation of assets of another state , and even more ambitious than the confiscation of bank deposits in Cyprus. Under the same scheme, and the Americans acted against Central Bank of Iran and Syria.Fortunately, Russia will not pass this way, calm economists. “Freezing the international reserves of the Bank of Russia can not be, because they are stored in secure jurisdictions are not subject to such judgments. Not by chance the Bank of Russia last year sold $ 150 billion of US bonds and bought them elsewhere. All of these risks they have taken into account, so this scenario is ruled out, “- says Narek Avagyan.
With regard to the property of the Russian Federation abroad, arrest and withdraw it will not be easy, because much of it is protected by sovereign immunity says Artem Deev of AMarkets: invoice or international reserves of Bank of Russia can not be arrested, as well as the assets of the Foreign Ministry or any other public institutions of the Russian Federation.
In the case of Noga, he explains, this was only possible because to terminate the agreement is very smart lawyers have registered a string of refusal of Russia from this immunity. But this time, this will not happen.
With regard to the removal of foreign ownership of Russian companies, where there is a share of the state, then it will be out of the ordinary precedent. Exactly as the confiscation of the amount of payment in Germany for Gazprom supplied gas to the country. Go for it tantamount to a declaration of energy disaster.
In this situation, under the threat may prove the property of Rosneft, as it was she who received the assets of Yukos. At the same time, in April of this year, Rosneft and former Yukos shareholders have come to a peace agreement, agreeing to halt all legal proceedings, to waive any payments and filing any claims from the bankruptcy and liquidation of Yukos. But, characteristically, that the claims of former shareholders of $ 50 billion is not included under the peace agreement.
However, Rosneft – a commercial company. A court in The Hague, require payment from the state. “But if you recognize the Rosneft state property, the consequences for the company if successful plaintiffs may occur. But this does not mean that one decision of the court the plaintiff can obtain any property Rosneft as compensation. First, its cost shall not exceed the amount of the claim, and, secondly, the defendant may file a counterclaim or an appeal, so that the trial can go indefinitely “, – says Artem Deev.
Actually, Russia in any case, will submit a counterclaim, dispute the decision of the court and file a claim if the court will take the side of the plaintiffs. The case could drag on for years, and during this time the geopolitical situation in the world can seriously change.
The fact that the US courts without any doubt can act in this case against Russia, experts have no doubt. However, the plaintiff filed suit in the courts of different European countries, and it plays more against it than in favor, as in the case if at least one court would side with Russia, the other is likely to listen to his decision, and it can prevent seizure property Deev says.
And yet not completely lost faith in the objectivity of the European judicial system. Otherwise, Europe will cause yourself much more irreparable damage. And Russia does not even have to use the responses to the expropriation of European property in its territory.
Avakian absolutely convinced that if the European judicial system decides to oblige Russia to pay the $ 50 billion fraudsters by arresting the property, it completely discredited in the eyes of non-Western countries, in particular China, India, Vietnam and so on. d. “The Russian capital in Europe will no longer accurately,” – he added.
«Our damage from this story is not as high as the damage Europe. Russia in response would not be arrested overseas property on Russian territory, since it is not in its interests to scare away investors from themselves “, – said Avakian.
But US actions such as the arrest of Russian property itself does not discredit . “Because arrange such disassembly is quite in the style of North America. The US is not positioned themselves as the harbor of justice. When certain countries argue among themselves, they turn to the London arbitration in Stockholm, Strasbourg, but not in the States, “- says Avagyan.
The world is so clear as are the United States and what purpose they serve . What matters is that Washington’s pressure finally killed European legal values.
However, if it still gain the most extreme option and will actually arrested substantial assets in Russia, it would be tantamount to a declaration of war. Alexander Razuvaev believes that in this case the Russian Federation simply must act tough and recall the experience of the Bolsheviks in 1917. “Nationalize all the shares of Western companies in the Russian companies and banks, as well as to refuse any external debts to the West. I stress – of any as sovereign and corporate, “- says Razuvaev. By the way, the total external debt of Russia on January 1, 2015 amounted to 599.497 billion dollars.
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