The Court of Appeal overturned the decision of Stockholm Stockholm arbitration court, which was awarded to the four Spanish Yukos investors demanding compensation from Russia for the expropriation of its assets. January 18 the Court of Appeal ruled that “the arbitral tribunal has the authority to issue such decisions,” reports the British edition CDR, specialized in legal information.
The decision in question was made by the Stockholm arbitration court in 2012 year. The court ordered Russia to pay the four Spanish investment funds group Quasar de Valores compensation for the expropriation of Yukos assets. Spanish investment funds filed a lawsuit against Russia in the Stockholm arbitration in 2007. They accused Russia of purposeful bringing YUKOS to bankruptcy for the purpose of the expropriation of its assets.
In 2014, the Stockholm District Court confirmed the decision of the arbitration court, rejecting the complaint of Russia, tried to challenge the decision of the arbitral tribunal. Russia insisted that the tribunal did not have the appropriate competence in addressing these issues.
The decision of the Court of Appeal in Stockholm can be appealed to the Supreme Court of Sweden, until 15 February.
«If the decision is upheld, it paves the way for the Russian Federation to reverse the decision of the Stockholm Arbitration Court” , – said Secretary General of the Arbitration Association of Roman Zykov.
«This is especially important in view of the fact that another arbitration court (in The Hague), in the case of shareholders YUKOS , refers to the Stockholm arbitration decision on the claim of the Spanish investors to Russia. Therefore, the conclusions of the Swedish state courts may be help for the Russian position in the state courts of the Netherlands “, – he added.
In the summer of 2014 the arbitral tribunal at The Hague ordered Russia to pay $ 50 billion to the former shareholders Yukos. In January 2015 Russia has filed a petition with the US District Court for setting aside.
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