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65. The applicant claimed the amount which had been payable to him under the Town Court's judgment of 26 December 2001, that is RUB 1,246,919, as compensation in respect of pecuniary damage and also 10,000 euros (EUR) in respect of non-pecuniary damage. He did not make a claim for costs and expenses.
66. The Government objected to an award of just satisfaction, claiming that the applicant had not suffered any damage because the bonds had not been legal tender and only certified the bearer's right to buy goods in high demand. They also considered that the claim for non-pecuniary damage was excessive and unsubstantiated.
67. As regards pecuniary damage, the Court notes that, following the enactment of the Buyout Act in 2009 and the Government's Resolution governing the buyout procedure (see paragraphs 30 and 31 above), it is now open to the applicant to apply to the competent domestic authorities for redemption of his bonds.
68. The Court further considers that the applicant must have suffered anxiety and frustration on account of the authorities' prolonged failure to devise the procedure for settlement of his entitlement. However, it considers the amounts claimed in respect of non-pecuniary damage excessive. Making its assessment on an equitable basis, the Court awards the applicant EUR 1,800 in respect of non-pecuniary damage, plus any tax that may be chargeable on it.
B. Default interest
69. The Court considers it appropriate that the default interest should be based on the marginal lending rate of the European Central Bank, to which should be added three percentage points.
FOR THESE REASONS, THE COURT UNANIMOUSLY
1. Holds that there has been a violation of Article 1 of Protocol No. 1;
2. Holds
(a) that the respondent State is to pay the applicant, within three months from the date on which the judgment becomes final in accordance with Article 44 § 2 of the Convention, EUR 1,800 (one thousand eight hundred euros) in respect of non-pecuniary damage, plus any tax that may be chargeable, to be converted into Russian roubles at the rate applicable at the date of settlement;
(b) that from the expiry of the above-mentioned three months until settlement simple interest shall be payable on the above amount at a rate equal to the marginal lending rate of the European Central Bank during the default period plus three percentage points;
3. Dismisses the remainder of the applicant's claim for just satisfaction.
Done in English, and notified in writing on 18 March 2010, pursuant to Rule 77 §§ 2 and 3 of the Rules of Court.
Christos ROZAKIS
President
{Andre} WAMPACH
Deputy Registrar
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