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Russia ready to contest property seizure abroad

16:01 13/08/2015

MOSCOW, August 13 (RAPSI) - Russia is ready to petition national courts regarding the seizure of property abroad if the affected Russian companies consider it necessary, RIA Novosti reports  on Thursday citing Justice Minister Alexander Konovalov.

“At the very least, it is very likely because one way or another, Russian companies and organizations sustained losses. In the long run, it is the companies’ business. But we are ready to proceed,” Konovalov said.

He added that the countries in question are the same as mentioned earlier. In the United States, he said, the issue “is progressing formally in the right direction.”

In answer to the question whether Russia could petition national courts, Konovalov said that it depends on the organizations that have been affected by the seizure.

Last June, France and Belgium seized property that, as they believe, belongs to Russia, pursuant to a ruling of the Permanent Court of Arbitration in The Hague in a lawsuit by former Yukos shareholders. According to the ruling, Russia must pay $50 billion. Russian officials – specifically, Minister for Economic Development Alexei Ulyukayev and Presidential Aide Andrei Belousov – said that Russia will appeal the ruling.

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Russia ready to contest property seizure abroad

16:01 13/08/2015 Russia is ready to petition national courts regarding the seizure of property abroad if the affected Russian companies consider it necessary.
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