An arbitration court in the Netherlands has ruled in favour of shareholders in defunct Russian oil giant Yukos, ordering Moscow to pay roughly $50 billion in damages.

The Permanent Court of Arbitration in The Hague issued rulings in three separate cases which had sought a total of $100 billion from Russia for expropriating Yukos, formerly controlled by Mikhail Khodorkovsky, once Russia’s richest man.

Russia will have 180 days, until January 15th 2015, to start paying the $50 billion awarded by the arbitration court, a lawyer for the shareholder group said. After that period, interest will start being accrued, said Emmanuel Gaillard, lead counsel, Shearman and Sterling.

Russia's top oil producer Rosneft said it expected no claims to be made against the company in connection with the ruling.

Rosneft also said in a statement it was not a defendant in the case and that the ruling would not have a negative impact on its “commercial activity and assets”.

Rosneft bought the bulk of Yukos assets though auctions after the company was declared bankrupt.

Reuters