The High Court of Justice of England and Wales Refuses to Grant the Yukos Oil Company’s Former Majority Shareholders a Leave to Appeal

19th September 2021

 

On 14 September 2021, the English High Court rejected the Yukos Oil Company’s former majority shareholders’ request for permission to appeal the Court’s 14 April decision, which continued the stay of the proceedings in England. The Court’s judgment was that the appeal would have no realistic prospect of success, and nor was there any other compelling reason for there to be an appeal. The High Court also ordered Yukos’ former majority shareholders to make a payment into Court in the amount of GBP 1 250 000 on account of the Russian Federation’s costs of defending the unsuccessful application to lift the stay.

The Russian Federation welcomes the judgment of the High Court and reiterates that efforts to compensate the legal costs of defending the legitimate interests of the Russian Federation in various jurisdictions will be continued.