ECHR orders Russia to pay $2.49 billion in compensation to ex-Yukos shareholders

The European Court of Human Rights (ECHR) has ordered Russia to pay 1.86 billion euro in damages to former Yukos shareholders, as well as another 300,000 euro in compensation for the legal costs incurred by them, according to a ruling, which was published on the court's website on Thursday.

The European Court of Human Rights (ECHR) has ordered Russia to pay 1.86 billion euro ($2.49 billion) in damages to former Yukos shareholders, as well as another 300,000 euro ($401,000) in compensation for the legal costs incurred by them, according to a ruling, which was published on the court's website on Thursday.

Now-defunct Yukos and its subsidiaries had initially sought $98 billion in damages over Russian tax authorities' actions.

Former stockholders of Yukos turned to the Strasbourg-based court in April 2004, accusing the Russian authorities of violating their right to seek "just satisfaction" under Article 41 of the European Convention on Human Rights.

Russia has three months to file an appeal against this ruling with the ECHR's Grand Chamber.

Group Menatep Limited (GML) head Tim Osborne announced earlier this week that the Permanent Court of Arbitration in The Hague had ordered Russia to pay $50 million to ex-Yukos shareholders and a further $60 million in legal expenses.

According to Osborne, the panel in the Permanent Court of Arbitration in The Hague ruled that "Yukos was the object of a series of politically motivated attacks by the Russian authorities that eventually led to its destruction."

Russian Foreign Minister Sergei Lavrov, for his part, said that Russia would use all opportunities allowed by law to defend its interests in light of the Hague-based court's ruling.

Read more: Hague court orders Russia to pay $50 billion in Yukos case - former Yukos owners>>>

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