Investing.com - Shareholders of failed oil giant Yukos, and Russian government lawyers, are back in court this week over a $50 billion judgement that Moscow has not paid since 2005.
The news comes as crude oil today settled at $52.53, up 0.32%, and Brent oildeclined to $55.52, a drop of 0.61%.
Yukos owner and Kremlin arch-enemy, Mikhail Khodorkovsky, was arrested in 2003 and convicted of theft and tax evasion.
Yukos was then broken up by the Russian government and sold off to state companies, including Rosneft (LON:ROSNq).
Vladimir Putin pardoned Khodorkovsky in 2013, and released him from prison.
Yukos shareholders sued for compensation over the assets that were confiscated.
The Hague-based Permanent Court of Arbitration ruled that Russia must pay the ex-Yukos shareholders $50 billion.
Russia has refused to pay, and appealed the ruling.
The Hague District Court then reversed the ruling of the Permanent Court of Arbitration, saying it lacked jurisdiction to arbitrate in the matter.
“With the arbitration awards quashed, the Russian Federation is no longer liable for paying compensation to these parties,” The Hague District Court said in the ruling.