Contact Us

France Freezes $1B In Russian Money Over Oil Dispute


France has taken matters into its own hands, freezing around $1B of Russian money as part of the $50B award levied against Russia by The Hague for dismembering the Yukos Oil company—one of Russia's biggest oil producers.

The Hague’s Permanent Court of Arbitration ruled in 2014 that Russia is liable to pay almost half of the $103B sought by GML, a holding company belonging to four former Yukos owners.

And Belgium and France are tired of waiting. The two countries began collecting the damages last year, despite Russian protests, Bloomberg reports.

But the matter isn’t settled yet. The Hague is set to rule later this month one a Russian appeal against the award, and that decision can be further contested up the Dutch Supreme Court. [Bloomberg]