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Russia faces having assets seized around the world

As the International Court ruled that Russia must pay $50 billion in compensation for the government’s role in destroying the country’s largest oil company, the country faces the prospect of having its assets around the world seized.

The verdict by the Permanent Court for Arbitration increases the economic and diplomatic isolation of Russia, in the face of painful sanctions from Western powers.

Yukos was once Russia’s biggest oil company, but was broken up after anti-Kremlin owner, Mikhail Khodorkovsky, was arrested in 2003, shortly after President Vladimir Putin warned Russia’s growing class of oligarchs against meddling in politics.

Moscow has, however, vowed to contest the decision, raising the prospect of a new round of legal battles as the shareholders seek to enforce the decision by seizing Russian state-owned assets in 150 countries around the world.

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