Tuesday, 7 July 2015

Russia: the Bear-Baiting Continues ...

... unabated, as one might say.  I have just returned from an outing across France and Germany to report that while all eyes are on Greece, something else very interesting is afoot.  Until a year ago the biggest civil actions the world has ever seen were (a) that being pursued against the German government by the three German nuclear power operators (E.on, RWE + Vattenfall), for damages in respect of Merkel's precipitate post-Fukushima closure of their plants.  That one weighs in at around EUR 12 billion, and is perhaps a story for another day.   (b) The BP oil spill ($18 billion, as we now know).

However, these were relegated to the second division by the extraordinary award against the Russian government of $50 billion last July, in favour of Yukos shareholders claiming that Russia destroyed their oil company illegally.

I don't recall this making monster headlines at the time (CU covered it here), but that might change.  Because all across Europe, law firms are diligently working up practical plans to seize Russian state assets - and last month the tip of this iceberg was sighted.  In all the Greek excitement, I certainly didn't spot it.

Apparently this is all very real and maybe even imminent.  There may be trouble ahead ...  oh, and that EC investigation on Gazprom rumbles on.    The countries of the Orthodox faiths must think us western europeans have got it in for them.

A good job the Chinese have problems of their own.  More nervous days in Mariupol though, I'd suggest.

ND

10 comments:

Pedantsniffer Pursuivant said...

That would be "bear baiting" :-)

Nick Drew said...

it would - correction made, thanks!

hovis said...

"The countries of the Orthodox faiths must think us western europeans have got it in for them."

On such a tangent read Byzantium and the Crusades by Jonathan Harris. Interstesting to note how propaganda sticks over the centuries.

Budgie said...

So you advise us to visit Russia before Russia visits us?

Nick Drew said...

I was in Russia for a year and it was very, errr, interesting

so if you want to be interested ...

Anonymous said...

If the government of Country A breaks its own laws to expropriate an oligarch of Country A, how is it that a court sitting in Country B can decide to penalise Country A ? I understood that could happen for genocide or war crime, but for expropriation ?

Nick Drew said...

"an Arbitral Tribunal sitting in The Hague under the auspices of the Permanent Court of Arbitration held unanimously that the Russian Federation breached its international obligations under the Energy Charter Treaty"

I only know what I read ...

adham said...



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adham said...


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adham said...


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