The Shocking Reason Putin Isn't Worried About The $50 Billion Yukos Ruling! “There is a War Coming in Europe! Do You Really Think This Matters?”
- The Shocking Reason Putin Isn’t Worried About The $50 Billion Yukos Ruling!
by Tyler Durden, www.zerohedge.com
Having $50 billion of assets under potential seizure is enough to make anyone whince. However, despite a quickly worded statement on the Yukos award, Vladimir Putin seems less than anxious to find a resolution. We think we know why, and it’s very concerning. As The FT reports confirming our earlier comments:
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The award is a landmark not just for its size – 20 times the previous record for an arbitration ruling. The tribunal also found definitively that Russia’s pursuit of Yukos and its independently-minded main shareholder, Mikhail Khodorkovsky, a decade ago was politically motivated.
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Though Russia cannot appeal against the award, Moscow said it would pursue all legal avenues for trying to get it “set aside”.
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Even if the ruling stands, shareholders face a tortuous battle trying to enforce it. If Moscow refuses to pay, they must pursue Russian sovereign commercial assets in the 150 countries that are party to the so-called 1958 New York Convention on enforcing arbitration awards.
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But perhaps this explains why Putin is not coming out swinging, as The FT concludes,
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One person close to Mr Putin said the Yukos ruling was insignificant in light of the bigger geopolitical stand-off over Ukraine.
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“There is a war coming in Europe,” he said. “Do you really think this matters?”
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Source: The FT
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