October 5, 2009

Yukos International files $100B lawsuit

Yukos International, once a subsidiary of former Russian oil giant Yukos, said it will sue the Russian government for breaking up the oil company.

Yukos was dismantled in November 2007 with most of the assets sold to state-owned Rosneft, now Russia's largest oil producer, RIA Novosti reported Monday.

Bruce Misamore, former Yukos executive, said the $100 billion suit was the highest claim ever filed at the European Court for Human Rights in Strasbourg, France.

Yukos founder Mikhail Khodorkovsky has said the government orchestrated the takeover of the company in retaliation for his political independence and to seize valuable assets.

Khodorkovsky remains in jail. He was sentenced to eight years in prison for tax evasion and fraud, when Yukos was sold.

Yukos attorney Pavel Ivlev said the first hearing in the case was scheduled for Nov. 19.

Russian Justice Minister Alexander Konovalov said the case was viewed as routine by Russia, Novosti reported.