9 posts in this topic

 

An international arbitration court ruled on Monday that Russia must pay $50 billion for expropriating the assets of Yukos, the former oil giant whose ex-owner Mikhail Khodorkovsky fell foul of the Kremlin.

Finding that Russian authorities had subjected Yukos to politically-motivated attacks, the panel made an award to a group of former Yukos shareholders that equates to more than half the entire fund Moscow has set aside to cover budget holes.

Russia, whose economy is on the brink of recession, said it would appeal the ruling by the Dutch-based panel, which judges private business disputes. It also said the "politically biased decision" was based on "current events" - an apparent reference to Moscow's dispute with the West over Ukraine.

Independent lawyers said it would be difficult to enforce the award to shareholders in the GML group, who had claimed $114 billion to recover money they lost when the Kremlin seized Yukos a decade ago.

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

http://www.reuters.com/article/2014/07/28/us-russia-yukos-idUSKBN0FW0TP20140728

 

Ouch  :s

Share this post


Link to post
Share on other sites

They'll probably ignore it. If they goodbye G20 invite, minimum. Make it hurt.

Share this post


Link to post
Share on other sites

They'll probably ignore it. If they goodbye G20 invite, minimum. Make it hurt.

 

Honestly, why do you want to see the downfall of Russia so much? You realise if Russia goes down, half of Europe goes down with it, right?

Share this post


Link to post
Share on other sites

Firstly I have Russians in my family and would like it to be a modern state, fully integrated with the west and east. It isn't because of a tendency to strong man politics and criminalizing the opposition.

They don't need to fall, but they do need to play by the international norms of fiscal policy. This is a major example of them not doing so, and in it they are hurting themselves and their people.

Companies won't take capital risks there if they think the govt is going to pull this kind of BS.

Share this post


Link to post
Share on other sites

Honestly, why do you want to see the downfall of Russia so much? You realise if Russia goes down, half of Europe goes down with it, right?

This is probably what Putin is thinking. "Hey, I can do pretty much whatever I want here, nobody would dare to do anything to us, they depend on us".  :/

Share this post


Link to post
Share on other sites

Firstly I have Russians in my family and would like it to be a modern state, fully integrated with the west and east. It isn't because of a tendency to strong man politics and criminalizing the opposition.

They don't need to fall, but they do need to play by the international norms of fiscal policy. This is a major example of them not doing so, and in it they are hurting themselves and their people.

Companies won't take capital risks there if they think the govt is going to pull this kind of BS.

 

The problem is, governments in Eastern Europe need help to evolve and purge out the corruption, not get slapped with further penalties. The more they get punished for their earlier dealings, the more they'll withdraw back to their old times. In this, and most other cases of corruption in the EE countries, it doesn't matter if one political party or another is in charge, much of their members are still people that lived in the old days which were full of corruption and are still prone to doing that.

 

In this particular case, Russia needs help to evolve and let go of the old patriotic, nationalistic, communistic views, and that won't happen if the West tries to punish them for their previous mistakes.

Share this post


Link to post
Share on other sites

The problem is, governments in Eastern Europe need help to evolve and purge out the corruption, not get slapped with further penalties. The more they get punished for their earlier dealings, the more they'll withdraw back to their old times. In this, and most other cases of corruption in the EE countries, it doesn't matter if one political party or another is in charge, much of their members are still people that lived in the old days which were full of corruption and are still prone to doing that.

 

In this particular case, Russia needs help to evolve and let go of the old patriotic, nationalistic, communistic views, and that won't happen if the West tries to punish them for their previous mistakes.

* Russia is extremely corrupt

* Current Mistakes

Share this post


Link to post
Share on other sites

The problem is, governments in Eastern Europe need help to evolve and purge out the corruption, not get slapped with further penalties. The more they get punished for their earlier dealings, the more they'll withdraw back to their old times. In this, and most other cases of corruption in the EE countries, it doesn't matter if one political party or another is in charge, much of their members are still people that lived in the old days which were full of corruption and are still prone to doing that.

 

In this particular case, Russia needs help to evolve and let go of the old patriotic, nationalistic, communistic views, and that won't happen if the West tries to punish them for their previous mistakes.

 

The US has been involved in reaching out to Russia for 2 decades, the programs were ended by Putin in 2012.

 

USAID to Russia - http://www.usaid.gov/news-information/fact-sheets/usaid-russia

 

Putin ends USAID programs - http://rancidnews.wordpress.com/2012/09/19/on-russian-decision-to-end-usaid-activities-in-russia/

Share this post


Link to post
Share on other sites

Precisely, which goes back to my point about strongman government. Putin is acting like a Stalinist. Not good for his country or the world.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0

  • Recently Browsing   0 members

    No registered users viewing this page.