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"Of course, there will be a reaction. We will defend our interests", said Russian President Vladimir Putin whilst discussing the freezing of Russian assets in France, Belgium and Austria during a meeting on the sidelines of the St. Petersburg International Economic Forum 2015 (SPIEF), Friday. During the meeting, Putin stated that Moscow does not recognise the jurisdiction of the Hague's Permanent Court of Arbitration regarding the asset seizure because Russia did not ratify the Energy Charter Treaty. Putin warned that Moscow will "prove this fact in the established order through the legal procedures". The presidents remarks came after France, Belgium and Austria froze Russian government assets within their countries on Thursday in connection to legal claims made by former Yukos oli company shareholders. Yukos Universal Limited, dismantled in 2007, was awarded €1.6 billion ($1,8 billion) in damages by the Permanent Court of Arbitration in the Hague in July 2014, as part of a total settlement for approximately €44 billion ($50 billion), that the court ruled Russia owed to Yuko's former shareholders and management.

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