Three days after word arrived that Russia’s handling of OAO Yukos Oil Company would result in the largest arbitration award in history by a factor of 20, the European Court of Human Rights on Thursday announced a judgment thought to be its largest by a factor of over 100.
A chamber of the human rights court in Strasbourg announced an award of $1.86 billion ($2.5 billion) against Russia. Adopted June 24, the ECHR award benefits all former Yukos owners, including some 55,000 minority shareholders. Russia may effectively appeal the damages award to a Grand Chamber of the court, which, according to The Financial Times, it is planning to do.
