The legal tug-of-war between the Russian government and fallen oil giant Yukos took a fresh twist Wednesday when a Dutch court overturned a ruling made two years ago by The Hague's Permanent Court of Arbitration (PCA) ordering Russia to pay $50 billion in damages to the three former majority shareholders in the now defunct firm (IOD Jan.29'16). In a decision that took analysts by surprise, the Hague District Court concluded that the PCA did not have jurisdiction in the case because Russia had never formally signed up to the European Energy Charter Treaty--on which the arbitration panel had based its case.
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