[FPSPACE] Bad news for Roscosmos and Russian Satellite Communications company

Peter Pesavento pjp961 at svol.net
Mon Apr 11 15:27:04 EDT 2016


>From the Moscow Times

 

French government seizes $700 million (USD) in Yukos oil lawsuit, that was
destined to go to Russia.

 

http://www.themoscowtimes.com/business/article/france-seizes-700m-of-money-o
wed-to-russian-companies-over-yukos-lawsuit/565364.html

 

 


France Seizes $700M of Money Owed to Russian Companies Over Yukos Lawsuit


*                                 The Moscow Times

*                                 Apr. 11 2016 15:48

*                                 Last edited 15:49

France seized $700 million in payments to Russian space companies Roscosmos
and Russian Satellite Communications in connection with the case of former
shareholders of defunct oil company Yukos, The American Lawyer magazine
reported Monday.

In total, France has seized Russian assets worth $1 billion following the
Kremlin's refusal to pay damages to former Yukos shareholders.

In July 2014, The Hague international arbitration court ruled that Russia
must pay $50 billion for expropriating the assets of Yukos.

The seized assets include $400 million owed by French-based satellite
provider Eutelsat to the Russian Satellite Communications company and $300
million owned by French space launch provider Arianespace to Russia's
Roscosmos space agency, the magazine reported, citing the Shearman &
Sterling legal firm which represents the Yukos shareholders.

A representative of GML - which owns the Hulley Enterprises and Yukos
Universal companies that won the lawsuit against Russia - confirmed to the
RBC newspaper that the seized assets are related to Roscosmos and Satellite
Communications.

However, he didn't confirm the figures cited by The American Lawyer.

According to GML's representative, Russia has appealed the seizure of money
owed to Roscosmos and Satellite Communications in French courts. Rulings are
expected this month.

 

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