×

Russian stocks rise after Dutch court overturns $50 billion Yukos award

Russian stock indexes rose on Wednesday, reversing earlier losses, after a Dutch court overturned a court decision which awarded former shareholders of the Yukos oil company $50 billion.

At 0817 GMT the rouble-based MICEX index was up 0.5 percent at 1,939 points, while the dollar-based RTS index was flat at 927 points. Both indexes had opened the day down because of lower oil prices.


A worker at the Lukoil company-owned Imilorskoye oilfield in Kogalym, Russia, January 25, 2016
Sergei Karpukhin | Reuters
A worker at the Lukoil company-owned Imilorskoye oilfield in Kogalym, Russia, January 25, 2016

Former shareholders in the defunct Russian oil company said they would appeal a Dutch court's finding that they were not entitled to compensation from Russia over the bankruptcy and nationalization of the energy giant.

In a statement on Wednesday following the ruling, GML, the company representing the four shareholders, said they would continue seeking to enforce the Permanent Court of Arbitration's $50 billion award in other countries.

"We will appeal this surprise decision by The Hague Court and have full faith that the rule of law and justice will ultimately prevail," GML director Tim Osborne said.

Follow CNBC International on Twitter and Facebook.