An application from the Russian Federation application to the Grand Chamber of the European Court of Human Rights concerning the court’s judgment on the Yukos case has beenrefused. July 2014 ruling stands – Russia must pay about 1.9 billion Euros to YUKOS Oil Company shareholders

• An attempt by the Russian Federation to further delay paying about Euros 1.9 billion to YUKOS Oil Company (“YUKOS”) shareholders has been rejected.
• Former YUKOS management seeks for Committee of Ministers and the Russian Federation to urgently agree a prompt procedure for payment to over 55,000 shareholders.

The former management of YUKOS today called on the Committee of Ministers of the European Union to work with them and the Russian Federation to ensure that shareholders of YUKOS, who lost their investments when the company was expropriated by the Russian Federation, will receive prompt, full payment.

The July judgment stipulated that the Russian Federation must, in co-operation with the Committee of Ministers, produce a comprehensive plan, including a binding time frame, for distribution of the award of just satisfaction within six months of the ruling becoming final. Following the announcement today that the Russian Federation’s application for a referral of the Court’s ruling of 31 July 2014 to the Grand Chamber of the European Court of Human Rights (ECtHR) was rejected, that landmark judgment is final. The enforcement of the payment process now rests with the Committee of Ministers. It must ensure payment by Russia in the timescale demanded by the Court. There were over 55,000 YUKOS shareholders, including over 50,000 Russian shareholders, who reside across Europe, Asia, the US and Russia.

Read more on The Yukos Library website.