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 […]
New Arbitration against Russia Arising out of the Annexation of Crimea
As we anticipated in January 2015, arbitrations have arisen against Russia due to its annexation of Crimea. After months of threats and announcements by the Ukrainian Ministry of Foreign Affairs, a new investment treaty case against Russia in relation to annexation of Crimea is about start. The first case, Ukrnafta v. Russia, PJSC Ukrnafta v. Russia […]
New Croatia ICSID Arbitration Over Conversion Law
A new Croatia ICSID arbitration was registered on 16 September by UniCredit Bank Austria, a Vienna branch of Italian banking group UniCredit and its subsidiary Zagrebacka Banka. This is the first case against Croatia over controversial legislation intended to protected borrowers by converting loans and mortgages in Swiss francs to Euros. In September 2015, Croatia passed […]
New Russian Arbitration Law
A new Russian arbitration law has entered into force. On 29 December 2015, Russia signed the Law on Domestic Arbitration in the Russian Federation (“DCA Law”) with the Law on amendments coming into effect on 1 September 2016. It replaces the Law of the Russian Federation No. 5338-1 on International Commercial Arbitration of 7 July 1993, […]