The shareholders are also waging a battle against Russia’s claims of sovereign immunity in a parallel legal confrontation in the U.S.
Despite multiple hurdles, Russia also failed to overturn a $5 billion award won by the financing arm of Yukos at the Swiss Supreme Court. The court dismissed Russia’s arguments regarding jurisdiction and public policy violations.
Judge Cockerill’s judgment underscored the finality of the Dutch decisions on state immunity, pending a potential referral to the European Court of Justice. The judgment clarified that Russia’s successful appeal based on fraud did not affect the question of jurisdiction.
In a final twist, Judge Cockerill rejected Russia’s bid to appeal her finding, stating that the grounds of appeal lacked realistic prospects of success. However, she left the door open for Russia to present its case to the Court of Appeal.
As this high-stakes legal battle continues, it remains to be seen how the Russian Federation will navigate these stormy waters.
