The Russian government has agreed to pay former owners of the state-controlled oil company Yukos $50 billion in compensation.

A hearing had been scheduled for February 25 to try to prove the state had overpaid the employees of Yukos.

Pravda.ru reports that the Russian government agreed to pay the sum to former owner Mikhail Khodorkovsky and business partner Platon Lebedev:

“The accounting of the case shows that the former Yukos oil firm owes 150 billion rubles ($50 billion).”

The accounting shows that the former Yukos oil firm owes 150 billion rubles ($50 billion).

Bloomberg reports that Russian Foreign Minister Sergei Lavrov said in a statement:

“As far as the $50 billion is concerned, it is said that the price which the various issues on compensation of the firm were settled is $50 billion, and we have decided to pay $50 billion.”

In 2013, a court dismissed a case by Khodorkovsky and Lebedev against the government. The case was expected to go to trial before the Supreme Court, but the final sum reached between the two sides had not been reached, Reuters reported at the time.