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Yukos Oil Compensation

Floor Speech

Location: Washington, DC

Mr. INHOFE. Mr. President, Russia's weak rule of law is bad for the people of Russia, of course, but it also harms American citizens. As Congress considers legislation directed at strengthening human rights and the rule of law in Russia, we also should address the economic impact on Americans, including those Americans who are owed $12 billion when Yukos Oil, in which they held 15 percent of its stock, was expropriated by the Russia Government. To date, none of the American owners of Yukos caught up in Russia's renationalization of this company has received any compensation for this unlawful taking. And without a bilateral investment treaty, BIT, with Russia, the only recourse available to U.S. investors is for our State Department to espouse the case of its wronged citizens. I support this course of action, and I ask unanimous consent to have printed in the Record a letter I wrote with Senator Scott Brown to Secretary Clinton last October 27, 2011, that addresses this issue.


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