LONDON (AP) — An international court on Monday ordered Russia to pay over $50 billion in compensation to the former majority shareholder of now-defunct oil producer Yukos over the expropriation of the company more than 10 years ago.
The Russian government under President Vladimir Putin in 2003 leveled massive tax claims against Yukos, then Russia’s largest oil company owned by the country’s richest man Mikhail Khodorkovsky.
“The majority shareholders of Yukos Oil were left without compensation for the loss of their investment when Russia illegally expropriated Yukos,” GML Executive Director Tim Osborne said in a statement.
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Source: San Francisco Chronicle
