Photo: Violetta Kuhn / DPA / Globallookpress.com
Russia will not challenge the decision of the European court of human rights (ECHR), awarded three of its citizens compensation for Soviet government bonds 1982. Excerpts from the statement of the Russian Ministry of justice cites RIA Novosti.
The Ministry said that it will not appeal a July court decision, because he sided with Moscow on most of the 14 lawsuits consolidated into one case. Only three plaintiffs were awarded: 9432 Euro material, 5400 euros for moral damages and 2876 euros for legal costs.
The remaining plaintiffs, the court held, failed to provide reliable evidence that you are entitled to compensation, or has not specified its desired size (according to the rules of the court, this means the refusal to pay).
The case concerned the government bonds issued by the Soviet government in 1982. The securities had a face value of 25, 50 and 100 rubles, coupon rate of three percent per annum and a maturity of 20 years, that is supposed to be repaid in 2002. Due to the collapse of the USSR in 1991 the new Russian government passed several laws by which bondholders could exchange them for a new, Russian securities or for the shares of Sberbank. However, these laws did not take effect. In this regard, the plaintiffs still are unable to get from the state redemption of its bonds or any compensation.
The ECHR decided that the situation is ambiguous. On the one hand, in 1990-ies Russia due to the transition to a market economy, the 1998 crisis and some other reasons, was in dire financial Straits. In these circumstances, the public interest must be put above “the requirements of a purely financial nature” of individual citizens. On the other hand, the state must comply with the obligations arising from the adopted laws, and these laws allowed holders of Soviet bonds to exchange them for new securities.
In the end, the court found the second circumstance is more important than the first, and ruled that the plaintiffs are entitled to compensation as such. But the veracity of the claims some of them made the judges doubt. Thus, plaintiff Svetlana Alekseeva argued that he bought in 1982 bonds 198 thousand rubles. But with average monthly salaries at 130 rubles for this she would need to save about 60 years, said the court. The plaintiffs Yahya Galaev and Nikolay Gusev pointed out that he had bought bonds for 1.5 million allegedly earned by the business and inherited, but failed to provide any evidence of this.
In respect of certain plaintiffs, the court found that the finding of violations of their rights is enough compensation and cash payments they do not rely worth it.
This position suits Moscow, said the Ministry of justice. Therefore, the Agency will not challenge the decision. This means that the state will pay compensation to the three applicants who were appointed by the court.
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