22.02.16 22:34

€1 billion worth of Russian assets seized in France, - Yukos shareholders

The former majority shareholders of Yukos, seeking to recover $50 billion from Russia pursuant to a decision of the Permanent Court of Arbitration, have revealed the value of Russian assets seized in France in settlement of part of the debt. They estimate it at €1 billion, i.e. about 86 billion rubles.

This is stated in a press release by GML holding company representing the former Yukos shareholders, Censor.NET informs citing DW.

Read more: German and French foreign ministers arrived in Kyiv for political talks, - media

In particular, the frozen assets include money kept on the account of a French VTB subsidiary for the benefit of Russia Today and Goszagransobstvennost (operates Russia's state property abroad). In addition, the debt of the French satellite operator Eutelsat to Russia's Satellite Communications as well as its shares of Eutelsat (3%) have also been arrested.

Moreover, the Yukos shareholders are trying to foreclose on the financial assurance provided by Bank Societe Generale to Rosoboronexport due to the termination of the interstate contract for the supply of Mistral class helicopter carriers.

Read more: Putin approves law on seizure of foreign assets in the Russian Federation

Moscow disputes the arrests, explaining it by the fact that the assets are not managed directly by the Russian state, that is, they can not be considered sovereign. The hearing in the Paris court is held on Feb. 22.

In Dec. 2015, the former shareholders of Yukos won the seizure of payments by French companies Air France, Arianespace, and Eutelsat to the Russian side as per contracts. In October 2015, a 7.5 percent stake in the European news channel Euronews, owned by Russia's VGTRK state media holding, was arrested in France.
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