Russia are several international court and arbitral cases seeking. Download this article as a pdf now for the one off cost of. The yukos cases and the provisional application of the. Alleged frustration of merger between yukos and sibneft. The counsels for the russian federation and the former yukos majority shareholders discussed the question of the apportionment of legal costs incurred in the scope of the appeal proceedings against the french enforcement orders of the arbitral awards rendered in july 2014 against russia. All structured data from the file and property namespaces is available under the. Golub drafted a letter to be used as a template by one or more of the. Yukos capital sought enforcement of the award in the arbitrazh court in the samara region of russia on august 9, 2010. Files are available under licenses specified on their description page. Yukos investment treaty arbitrations brought by former. Subscribe now and access all of cdrs daily news and analysis, complete with a full archive of all articles and pdf.
Nov 30, 2009 yukos universal limited isle of man and the russian federation interim award on jurisdiction and admissibility 30 november 2009 tribunal l. Problems with alcohol aside, he was a good military tactician and his memoirs are widely considered to be fantastic. Yukos 169 points 170 points 171 points days ago thats the hilarious thing. Pdf a claim of indirect expropriation is at the heart of the yukos investment arbitration cases brought by three former shareholders of yukos oil. Diana bentley of lexis nexis interviewed yaraslau kryvoi. Dutch court overturns usd 50 billion yukos arbitration award iclg. It pays particular attention to the viability of the public policy defense as. The yukos cases and the provisional application of the energy.
Here is a short summary of the most important points of the yukos arbitration award which former shareholders are now trying to enforce in belgium, france and other european countries. How the yukos oil decision yields uncertainty for internationalinvestment arbitration note by lena u. On 20 april 2016, the district court in the hague the district court set aside six arbitral awards rendered by a threemember arbitral tribunal in a dispute between former shareholders of. Yukos was acquired from the russian government by russian oligarch mikhail khodorkovskys bank menatep during the controversial loans for shares auctions of the mid 1990s. Hague former yukos shareholders court of appeal in the. This chapter was in progress when the yukos awards were. Oct 03, 2015 no desire to comply with the award voluntarily. Both the decision on jurisdiction and admissibility of 30 november 2009 and the final award of 18 july 2014 are virtually identical, the tribunals being moreover composed of the same. The parties then agreed on the trial of further preliminary issues. The shareholders were awarded the damages 20 times bigger than any previous such award by an arbitration panel in 2014 which found that the russian state illegally expropriated yukos. Apr 20, 2016 the shareholders were awarded the damages 20 times bigger than any previous such award by an arbitration panel in 2014 which found that the russian state illegally expropriated yukos when. All structured data from the file and property namespaces is available under the creative commons cc0 license. A case study of success and failure in an unstable institutional environment article pdf available in journal of change management 103.
Commenting on the announcement, yukos former chief executive officer, steven theede said. Russia are several international court and arbitral cases seeking compensation from the government of russia to the former shareholders of yukos based on the claim that russian. In the amsterdam court of appeal judgment in yukos capital sarl v rosneft involving the same award as in the english case between the same parties described above, the dutch court gave effect to the awards notwithstanding that they had been set aside by russian courts. Today, yukos files quarterly reports in accordance with u. Yukos capital sarl v ojsc rosneft oil company 2014. Pdf yukos universal limited isle of man v the russian. Civil war revisionist history tries to paint grant as a dope, but he was very astute. In april 2016, the district court in the hague set aside the awards due to the absence of a valid arbitration agreement russian federation v veteran petroleum limited, yukos universal limited and hulley enterprises. Awards set aside or annulled at the seat zombies, ghosts. Aug 14, 2014 despite these being final awards, it seems unlikely that the yukos cases are behind us.
The dutch proceedings concerned a pca arbitration award against. This is by multiples the largest award that the ecthr has ever made, although the award is. In the amsterdam court of appeal judgment in yukos capital sarl v rosneft involving the same award as in the english case between the same parties described above, the dutch court gave effect to the. Yukos awards annulment by the hague district court iar. After 10 years in jail, putin pardoned khodorkovsky in. Despite these being final awards, it seems unlikely that the yukos cases are behind us. Jun 22, 2016 the power of the international arbitral award a comment in light of yukos on 20 april 2016, the hague district court netherlands, set aside an international arbitration award which originally granted a claim for damages in favour of certain shareholders in the yukos oil company yukos, against the russian federation totalling more than. Aa 227 hereinafter arbitration, yukos, final award. The power of the international arbitral award a comment in light of yukos on 20 april 2016, the hague district court netherlands, set aside an international arbitration award which. Download fulltext pdf download fulltext pdf state of confusion. The dispute between the claimants and russia arose between july 2003 and august 2006, when yukos had become the largest oil company in russia. Yukos was acquired from the russian government by russian. In november 2014, russia summoned the shareholders in setting aside proceedings of the interim and final awards. Cliffe dekker hofmeyr the power of the international.
At the centre of the controversy surrounding the reversal of awards in the yukos cases is the provisional application laid down in article 45 of the energy charter treaty ect, which allows a signatory to unilaterally undertake to give affirmative legal effect to the obligations under the ect on a voluntary and provisional basis. United nations commission on international trade law, uncitral arbitration rules, apr. Russia totalling over usd50 billion and reported to. In its august 15, 2007 award, the tribunal ordered samaraneftegaz to pay yukos capital the outstanding money due under the loans, in addition to interest and yukos capital s fees and expenses the award. Russia are several international court and arbitral cases seeking compensation from the government of russia to the former shareholders of yukos based on the claim that russian courts were not acting in good faith in launching tax evasion criminal proceedings against yukos, which led to the bankruptcy of the company. Jul 28, 2014 weve now got the arbitration decision in the yukos case from the court in the hague and the essential finding is that russia did in fact steal yukos from its rightful owners, the shareholders of. Four years later, the publicly traded yukos had overtaken lukoil as russias largest oil producer. Arbitration institute of the stockholm chamber of commerce. Shares in yukos could be acquired not only in russia but also. This chapter was in progress when the yukos awards were handed down on 18 july.
In the final award rendered on 18 july 2014, after 10 years of proceedings, the arbitral tribunal unanimously ruled that the russian federation had taken. Russia said they would appeal the ruling in the dutch courts, criticising. Prospects of enforcing the yukos award in russia aria vol. Prospects of enforcing the yukos award in russia aria. Judith levine, assistant secretary to the tribunal. The yukos interim awards on jurisdiction and admissibility. Russia wins legal victory over yukos damages financial times. At the centre of the controversy surrounding the reversal of awards in the yukos cases is the provisional application laid down in article 45 of the energy charter treaty ect, which allows a. The foundations decided to award english a much smaller. Yukos universal limited isle of man and the russian federation interim award on jurisdiction and admissibility 30 november 2009 tribunal l.
Dutch court overturns usd 50 billion yukos arbitration award. The counsels for the russian federation and the former yukos majority shareholders discussed. Weve now got the arbitration decision in the yukos case from the court in the hague and the essential finding is that russia did in fact steal yukos from its rightful owners, the shareholders of. The doctrine of clean hands in investment arbitration after the yukos award, 17 journal of world investments and trade 2016. Here is a short summary of the most important points of the yukos arbitration award which former shareholders are now trying to enforce in. On 23 november 2017, another hearing was held before the paris court of appeals in the famous yukos case. Historic award in the yukos majority shareholders arbitration in a historic usd 50 billion award rendered on july 18, 2014, an arbitral tribunal constituted pursuant to the energy charter treaty held unanimously that the russian federation breached its internati onal obligations under the energy charter treaty by destroying yukos oil company. Setting aside the yukos awards and the interim awards the issue of jurisdiction was once again at the centre of the yukos arbitration saga after russia commenced proceedings before the hague district court in 2014 seeking orders to set aside the 2009 interim awards and the 2014 yukos awards on a number of grounds. This decision was also based on a determination that the annulment. This is the largest damages award yet known in investment treaty arbitration. Jun 19, 2015 the yukos arbitration decision in a nutshell. Shares in yukos could be acquired not only in russia but also on the major stock exchanges of europe and the united states yukos was considering a full floatation on the new york stock exchange. In the summer of 1999, yukos reputation hit rock bottom, and disgusted foreign investors decided to divest. Apr 27, 2015 64 yukos, final award n 7 paras 18289.
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