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The US Court Has Set A Timetable For The Parties' Proposals To Suspend The Yukos Trial

The US Court Has Set A Timetable For The Parties' Proposals To Suspend The Yukos Trial

The Federal court of the capital district of Columbia on Thursday set a timetable for the parties' proposals to suspend the case, in which former Yukos shareholders are trying to recover $50 billion from Russia. The plaintiffs and the defendant, represented by the Russian state, submitted a joint report on May 20, which includes possible deadlines for filing petitions to continue the proceedings.

"The parties agree on the issue of whether to leave the process suspended while the Supreme court of the Netherlands considers the decision of the court of appeal. The plaintiffs ' position is that the process should continue. The Russian Federation supports the continuation of the suspension of the process, " - said in the materials posted in the database of the court. According to the proposed schedule, Russia will have to provide its comments on the conduct of the case by June 15, and former Yukos shareholders - by July 8. RF responses should be submitted by August 5. Judge Beryl Howell approved the plan on Thursday.

After 10 years of consideration of the case, an international arbitration court established through the mediation of the Permanent court of arbitration (PCA) in The Hague in 2014 ordered Russia to pay more than $50 billion to companies associated with former Yukos shareholders - Yukos Universal, Hulley Enterprises and Veteran Petroleum. The judges found that the Russian Federation's actions against Yukos violated the Energy Charter Treaty, which the country signed but did not ratify. The Russian side appealed that certain provisions of the document could not be applied to the Russian Federation without completing the ratification procedure.

This verdict was appealed to the district court of the Hague, which sided with the Russian Federation, declaring the PCA decisions invalid and removing Russia's obligations to pay more than $50 billion. However, a higher instance - the Hague court of appeal in February this year overturned the verdict of the district court and restored the arbitral awards. On May 15, the Russian side filed a cassation appeal to the Supreme court of the Netherlands, demanding that the decision of the Hague court of appeal be overturned.

The official representative of the Supreme court of the Netherlands, Thea Tjerdema, the Russian complaint will take about 9-12 months.

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