The enforcement judge of the High Court of Paris has lifted the attachment from receivables owed by Eutelsat to the Russian Satellite Communications Company (RSCC) under their current contracts, obtained earlier by the Cypriot company Hulley Enterprises, a former shareholder in Yukos.
Its ruling effectively says that the assets did not belong to Russia but were the property of RSCC. As a result, there were not Russia’s debt.
Commenting on the ruling, Yuri Prokhorov, RSCC DG, said: “We are satisfied with the equitable decisions of the French court.
“Also, we are looking forward to further successful cooperation with our strategic partner, Eutelsat, in satellite communications and digital broadcasting”.
Despite the ruling, RSCC notes that the proceedings may take years as defeated parties will move for a new trial.