(Source: http://finam.mirtesen.ru/blog)

Vladimir Putin pointed at the incompetence of the decision of the Hague Arbitration on the claim of ex-shareholders of YUKOS on recovery of 50 billion dollars from Russia.

The court resolution is based on the European Energy Charter that was not ratified by Russia. This was announced by the Head of State at a meeting with heads of international news agencies during SPIEF-2015. The President’s words were quoted by TASS on Saturday, June 20. “Russia has not ratified the Charter, so we do not recognize the jurisdiction of this court, and we will prove it in a prescribed manner, through legal procedures” - Putin said.

He noted that Russia would try to resolve the problem “the way it did earlier in the case with the claim of the Swiss company Noga”. Putin stressed that there must be a reaction following the arrest of Russian property abroad. “We will defend our interests” - he said. On June 18 an intention to defend Russia’s position in the court was announced by the Russian presidential aide Andrei Belousov. He noted that internationally recognized lawyers were involved in this case. The prosecution of Russia in Europe will be a prolonged international scandal.

On June 17 the authorities of Belgium and France arrested a part of Russian property in these countries. The sanction was imposed as a part of compensation for the claim of former shareholders of YUKOS.