In a move reflective of long-standing legal battles, the former shareholders of Yukos Oil Co. have announced their intention to auction off the Benelux rights to trademarks for 18 Russian vodka brands, including prominent names such as Stolichnaya and Moskovskaya. The auction, set to be held in June in the Netherlands, forms part of their ongoing effort to enforce arbitral awards currently valued at $60 billion.
The decision to auction off the vodka brands depicts an escalation in the shareholders’ strategy to regain what they argue is rightfully theirs following a protracted dispute that has embroiled Yukos Oil Co., its former shareholders, and the Russian government.
It remains to be seen how the upcoming auction will affect the tenuous relationship between the former shareholders and the Russian government, and what implications it may have for the wider world of international trade and commerce.
This development in the Yukos Oil Co. saga is set to take center stage in the next few months. As the countdown to the auction begins, the corporate world will be watching with bated breath. For more detailed coverage on this unfolding situation, you can read the comprehensive report on Law360.