Europe Court to Hear Yukos Case
The European Court of Human Rights agreed to hear a massive claim against the Russian government brought by Yukos, in a case likely to put the spotlight back on a controversial episode that the Kremlin has sought to put behind it.Yukos, represented by two American former executives, is seeking more than $42 billion in damages in the case, making it by far the largest claim yet heard by the European Court, where judgments rarely reach above the millions of euros.
A hearing on the merits of the case and a ruling are likely later this year, according to a spokesman for the court in Strasbourg, France. Details of what elements of the Yukos claim the court agreed to hear will be available in a few weeks.The case in the European Court alleges that the Russian government deliberately expropriated the company and seeks compensation for shareholders, including numerous Western investors.
A spokesman for Russia's prosecutor general said he couldn't immediately comment on the court's ruling.