Former Yukos oil company CEO Mikhail Khodorkovsky (center).
Former Yukos oil company CEO Mikhail Khodorkovsky (center). - 
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There was more bad news for Russia today. The Hague, an international arbitration court, ruled the country acted improperly when it confiscated the assets of the oil company Yukos back in 2003.

The court’s ruling requires Russia to pay $50 billion to former Yukos shareholders but “there’s no likelihood that they will simply roll over and hand the cash over” says the BBC’s Andrew Walker.

Russia has already says it will appeal the ruling but Walker says shareholders of Yukos could fight back. They could get a court order to seize some of Russia’s commercial assets but that would likely take years.

The ruling probably won’t mean much to other companies with an eye to invest in Russia. Walker says Russia already has a poor reputation when it comes to creating a good climate for business.

“Investors that get involved in Russia are typically doing it because they think that the energy resources there are so large that there must ultimately be the potential to make money. “

Walker notes that tomorrow, EU officials will meet to consider sanctions against the energy, arms, and financial sectors in Russia.

Follow David Gura at @davidgura