The district court of the Hague has ruled against the former majority shareholders of OJSC Yukos Oil Company seeking to enforce Energy Charter Treaty arbitration awards of over US$50 billion. At the end of October this year, the court lifted the attachment the shareholders had previously secured over two Russian vodka trademarks, Moskovskaya and Stolichnaya. […]
The dispute between Russia and the former majority shareholders of the now-defunct oil and gas company – Yukos has been ongoing since 2014 when the Permanent Court of Arbitration (PCA) tribunal ruled against Russia for illegal expropriation of the company and awarded its former shareholders a record-breaking $50 billion. Since then award creditors continue their […]
On 7 June 2018, the Svea Court of Appeal in Sweden set aside the award by the Arbitration Institute of the Stockholm Chamber of Commerce (“SCC”) in favour of the Spanish investors (“Quasar de Valores SICAV and others v. Russia”). Seven Spanish companies (the “Claimants”) originally filed the SCC claims against Russia in 2007, seeking […]
Riga hosted the 6th DIS Baltic Arbitration Days which discussed arbitration of disputes involving states or state-owned entities, corporate disputes and reflected on the lessons taught by annulment or unenforceability of major arbitral awards in recent past. The conference was organised by BNT attorneys-at-law – one of leading international law firms in Central and Eastern […]
On 19 January 2017 Russian Constitutional Court came to the conclusion that the decision of the European Court of Human Rights (the ECHR) on compensation payment of more than €1.866 bln on Yukos case violates the Russian Constitution and cannot be enforced. This is the first case in which the Court has followed its 14 […]
More often than not, foreign investors reach some success in arbitration cases against Russia. However, obtaining ultimate remuneration for their efforts usually becomes a long and evasive target, because the award either gets annulled or faces insurmountable enforcement difficulties. Many international treaties of the Russian Federation including those concluded by the USSR as its legal predecessor include a “narrow” […]
While the recent agreement between Yukos shareholders and Rosneft settles all litigation disputes between them, it does not solve the existing disputes between Yukos and Russia as a state, in particular the $50 billion arbitration award made by the PCA in The Hague in 2014. As Russia refuses to voluntarily comply with the award, Yukos […]
Yukos Universal Limited (Isle of Man) v. The Russian Federation, UNCITRAL, PCA Case No. AA 227 – Final Award – 18 July 2014 – Part 1 Yukos Universal Limited (Isle of Man) v. The Russian Federation, UNCITRAL, PCA Case No. AA 227 – Final Award – 18 July 2014 – Part 2 Pleading notes for […]
Yukos v Russian Federation Interim, PCA Arbitration (No AA 227) Award dated 30 Nov 2009
An arbitral tribunal in Stockholm concluded in an award released yesterday that tax assessment measures taken against Yukos were arbitrary and discriminatory. The proceedings were instituted by a group of Spanish investors in 2007. The award also confirmed that the claimant’s expenses in the arbitration were entirely funded by the Menatep Group (Yukos’ majority shareholder) which […]
The Yukos saga continued in English courts this month. In Yukos vs. Rosneft English High Court found an issue estoppel based on a Dutch court determination that Russian judgments annulling Yukos arbitral awards resulted from a partial and dependent judicial process The facts of the case were as follows. Yukos Capital SARL (“Yukos”) claimed interest […]
When former Yukos shareholders promised a “life-long litigation” for their assets, very few took it seriously. After all, until recently there have been no precedents of successful enforcement of arbitration awards against the Russian Federation. But this perception has been changing over the last last few months, with Yukos shareholders advancing on at least three […]
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