European Council of Oligarch Rights - Yukos

European Council of Oligarch Rights - Yukos https://www.rt.com/business/215155-russia-accepts-court-verdict/ Russia ‘forced to accept’ €1.86bn compensation for former shareholders of oil giant Published time: 17 Dec, 2014 13:02 Russia has agreed to pay €1.86 billion in compensation to former Yukos shareholders after the European "The judges have made the decision. We are forced to accept it. We believe it is unreasonable, but there’s nothing we can do," said Konovalov as quoted by RIA. At the same time he said Russia is not obliged to abide by the decisions of the ECHR, adding that the enforcement of decisions is ‘goodwill’ on the part of a member country of the Council of Europe. "Life will show to what extent this decision will be enforced in Russia," he said. On Tuesday the ECHR ruled against the Ministry of Justice appeal to overturn the July 2014 decision. The court then ordered Russia to pay the compensation. Russia must now pay €1.86 billion (US$2.51 billion) to the former shareholders of Russia's once largest private oil company for unfair tax proceedings, which allegedly led to the liquidation of Yukos in 2007. The compensation sum was calculated on the basis of fines imposed on Yukos by the Ministry of Taxes and Assessments in 2000 and 2001 following a tax audit. A part of the seven percent execution fee levied against the company was included as well. Another ruling by the International Arbitration Court in the Netherlands has ended a decade long case brought by former Yukos shareholders which ordered Russia to pay about $50 billion in damages. The Yukos oil company existed from 1993 to 2007. In August 2006 it was declared bankrupt at the request of a syndicate of foreign banks to which Yukos owed about $500 million. Later this debt was purchased by Rosneft. In 2007 the company's property was sold at auction to cover its debts. Yukos was dissolved on November 21, 2007. https://www.rt.com/business/215155-russia-accepts-court-verdict/ Council of Europe f. May 1949 founding states: Britain Ireland France Italy Luxemburg Netherlands Belgium Denmark Norway Sweden Greece & Turkey join 10 months later Iceland & Germany the following year currently 47 member states European Convention on Human Rights drafted in 1950 by the then newly formed Council of Europe entered into force on 3 September 1953 -- international treaty -- fundamental rights & freedoms -- compensations imposed under ECHR large -- Russia to pay excess of $2 billion in damages to shareholders of Yukos   all European states currently members council *except states not recognised *except Belarus, Vatican & Kazakhstan observer states: USA & Japan -- criticised b/c both apply death penalty https://en.wikipedia.org/wiki/Member_states_of_the_Council_of_Europe COMMENT From what I've read, it's the Russians that need to be compensated. Russia became a member state of the Council of Europe in 1996, but as the Council has no enforcement capacity, Russia ought to tell the Council to get stuffed. Council membership is overrated, especially when you're being economically sanctioned by all these a$$holes.