On 16 December 2014 the Grand Chamber Panel of the European Court of Human Rights refused the Russian Government’s request for a reference of the Yukos award of just satisfaction to the Grand Chamber. As a result the Eur Ct HR’s Yukos v Russia judgment of 31 July 2014 became final.
That judgment awards €1.87 Bn in compensation for the violation of Yukos Oil Company’s property rights. Yukos was dissolved as a result of the Russian authorities’ enforcement measures, which the Eur Ct HR held violated Article 1 Protocol No 1. As a result the judgment orders that the compensation should be payable to the former shareholders in Yukos at the time of its dissolution in 2007. The judgment also requires the Russian Government within six months to agree a scheme of distribution with the Committee of Ministers of the Council of Europe for the prompt payment of the compensation. There are more than 56,000 former shareholders in Yukos, from Russia and a variety of European and other countries.
The judgment specifies that compensation is payable in rubles, converted at the exchange rate prevailing at the date of payment. The ruble value of the award, which is by far the largest ever made by the Eur Ct HR, has increased by approximately 79% since the judgment was given on 31 July 2014.
Piers Gardner of Monckton Chambers represented Yukos Oil Company throughout the proceedings before the European Court of Human Rights.
The judgment has received the following press coverage: