The Court of Appeal of Paris ruled to freeze the assets of the Russian Federation
Thursday, December 17, 2015, the Court of Appeal of Paris ruled on the Yukos case finding to freeze the assets of the Russian Federation in France.
Yukos shareholders demand that the Russian government compensates caused by the company`s dissolution that occurred, as they claim, for political reasons. European courts allowed them to start arresting Russian assets abroad after Russian authorities had refused to compensate their losses. Last year the Hague Tribunal obligated Russia to pay over $ 50 billion compensation.
Russia has also refused to pay nearly 1.9 billion Euro as it was obligated to by the European Court of Human Rights.
In Paris, Russia has asked the Court of Appeal to suspend the procedure to freeze the assets until the court hearing which should consider the legality of the requirements of the Hague tribunal is held. The hearing is expected to be held in early 2017.
However, the Russian request was rejected, and the Court of Appeal of Paris ruled all frozen assets to be placed under management of Caisse des Depots et Consignations (CDC).
“Fully complying with international law, the former Yukos shareholders will keep on seizing the assets of the Russian Federation”, – noted Emmanuel Gaillard, the shareholders` attorney.