Hague court orders Russia to pay over $50 billion in Yukos case

The Hague's arbitration court ruled that Russia must pay a group of shareholders in oil giant Yukos $51.6 billion for expropriating its assets, a big hit for a country teetering on the brink of recession, Reuters reported.

The arbitration panel in the Netherlands said it had awarded shareholders in the GML group just under half of their $114 billion claim, going some way to covering the money they lost when the Kremlin seized Yukos, once controlled by Mikhail Khodorkovsky.

"The award is a slam dunk. It is for $50 billion, and that cannot be disputed," said Tim Osborne, director of GML. "It's now a question of enforcing it."

Foreign Minister Sergei Lavrov said Moscow would most likely appeal the decision, so shareholders, who have battled through the courts for a decade, might have longer to wait.