Six years after the introduction of Russian sanctions by the United States and the European Union, the Russian Parliament has adopted a new law to allow sanctioned Russian entities to avoid arbitration. Arbitrations against companies and individuals targeted by Russian sanctions have today been transferred to the exclusive jurisdiction of Russian State Courts by a […]
Arctic Sunrise Arbitration (PCA case 2014-02) – Russia to pay €5.4 million in damages
On 10 July 2017, a PCA Arbitral Tribunal seated in The Hague rendered its award on compensation in another politically sensitive arbitration between Russia and the Netherlands (also known as the “Arctic Sunrise Arbitration”). The PCA Tribunal ordered Russia to pay €5.4 million in damages to the Netherlands for the capture and detention of a […]
HULLEY ENTERPRISES LIMITED (CYPRUS) V. THE RUSSIAN FEDERATION (PCA CASE NO. AA226) – FINAL AWARD 18 July 2014
The Yukos group of companies, whose controlling shareholders were OAO Yukos Oil Company, Hulley Enterprises Limited (Cyprus), Yukos Universal Limited (Isle of Man) and Veteran Petroleum Limited (Cyprus), was supposed to benefit from tax exemptions. However, in 2002, these exemptions were revoked at the Closed Administrative Territorial Units (“ZATOs”). Then, starting in 2003, Yukos suffered […]
European Court of Human Right Judgement Ruled Unenforceable in Russia – Consequences for Yukos Investment Arbitration Awards
On 19 January 2017, Russia’s Constitutional Court ruled that the State was not under an obligation to comply with the European Court of Human Rights (“ECtHR”) Judgement in the Yukos Case, which awarded approximately EUR 1.9 billion in compensation to the company (the largest in the ECtHR’s history), because of Russia’s breach of the European […]
Investment Arbitration Award Enforcement – Yukos Saga Continues
Investment arbitration award enforcement can at times be difficult due to issues such as sovereign immunity, but November 2016 has proven to be an especially difficult month for the Yukos Awards enforcement saga. First, the Financial Times revealed Rosneft emails to Armenian judicial authorities, which suggested that Rosneft may have had a hand in manipulating […]