A London Court Denies Russia's Immunity Appeal in the $63 Billion Yukos Case

The London Court of Appeal has rejected Russia's claim for state immunity in a lawsuit filed by former Yukos shareholders amounting to over $63 billion. The judges reached a unanimous decision, dismissing Moscow's request and referring to prior rulings made by Dutch courts, reports NewsBox.

The London Court of Appeal denied Russia's appeal to recognize state immunity in the case concerning the $63 billion claim by former Yukos shareholders. The Russian side insisted that the High Court should itself determine whether this case falls under the exception to the 1978 UK State Immunity Act.

However, judges Stephen Males, Kim Lewison, and Antony Zacaroli unanimously rejected Moscow's arguments. They noted that this issue had already been reviewed by Dutch courts, and that Russia’s attempt to evade the ruling contradicts the 1959 New York Convention on the Recognition of Arbitral Awards.

Judge Males emphasized that Russia should comply with the verdict instead of prolonging the proceedings. The court's decision pointed out that granting immunity would result in undue costs for creditors and create a precedent allowing states to evade their obligations.