CCTV Script 29/07/14

— This is the script of CNBC's news report for China's CCTV on July 29, Tuesday.

Welcome to the CNBC Business Daily, I'm Qian Chen.

US and European leaders have agreed to wider sanctions against Russia, as they move to pressure Moscow to do more to stop the fighting in Ukraine.

Meanwhile, more backlash on President Vladimir Putin - an international court has ordered Russia to pay $50 billion in damages to the former major shareholders of Yukos.

The court ruled that officials under President Putin had manipulated the legal system to bankrupt the company.

Even landing ex-owner Mikhail Khorodokovsky in jail for ten years.

The decision comes after nearly a decade of hearings.

The subsidiary of then-GML - once the biggest shareholder of Yukos was seeking over $100 bn.

The executive director of GML Tim Osborne told CNBC what he thought Russia's next move would be.

[Tim Osborne, GML Executive Director] "I think that they will probably apply Dutch courts to utilize to such legal rights to delay matter further. And generally trying to avoid to pay it. And i think given that they took a full part in arbitration they would recognize this is a binding award. If they dot, we have every rights to enforce it on New York convention which allows us to go after Russia federation assets/ diplomatic assets anywhere in New York Convention country which is pretty much every country in the world.

One would hope that Russia will behave reasonably and try to talk to result this issue. If it doesn't then we will appeal the process so we could be talking about another 5 years or even longer. The important thing is that we will continue and we will enforce this award. We did this get the damages for our shareholders. Thats where we will finish up."

[Julia Chatterley] Qn: "I just wondered what you make of recent events between Russia and Ukraine, particularly given that Putin's personal popularity's at record highs."

[Tim Osborne, GML Executive Director] "Firstly I thought it's politically motivated. But more importantly, the tribunal were very clear that they thought the attack on Yukos were politically motivated. I think what's going on in Ukraine will in the context of 10 years cycle will probably be briefer and more normal relations will get back on foot with Russia.

If Moscow refuses to pay, the head of GML, the company set up by the former shareholders, says there other ways to collect."

That wraps up this edition of the Business Daily.

I'm Qian Chen, reporting from CNBC's Asian headquarters.

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