VGTRK stake in Euronews frozen over Yukos case

euronews logoA state-owned Russian media company’s 7.5% stake in the French Euronews broadcasting company has been frozen by court order to pay part of the $50bn being claimed by former shareholder of the now defunct Yukos oil concern. The stake belongs to the All-Russia State Television and Radio Broadcasting Company (VGTRK).
The move comes after an arbitration court in The Hague last year ordered Russia to pay $50 billion in damages to former shareholders of Yukos, which was dismembered and largely nationalized in the mid-2000s after its Mikhail Khodorkovskybillionaire owner, Mikhail Khodorkovsky, was jailed on charges of tax evasion. Russia refused to carry out the court’s decision.
VGTRK first bought shares in Euronews in 2001, after which the channel began broadcasting in Russia. Earlier this week, Russia’s upper parliament passed legislation to allow the seizure of assets owned by foreign governments on Russian territory