comments powered by HyperComments
Final Awards Issued in 3 Arbitrations Between Former Shareholders of Yukos and the Russian Federation
On 18 July 2014, arbitral tribunals constituted under the Energy Charter Treaty rendered their final awards in three cases involving former shareholders of OAO Yukos Oil Company (“Yukos”) and the Russian Federation.
The arbitrations were commenced in 2005 by the former shareholders Hulley Enterprises Limited (Cyprus), Yukos Universal Limited (Isle of Man) and Veteran Petroleum Limited (Cyprus) (“Claimants”).
By agreement of the parties, the cases were heard together before identical arbitral tribunals. The arbitral tribunals were composed of The Hon. L. Yves Fortier PC CC OQ QC of Canada (as Chairman), Dr. Charles Poncet of Switzerland, and Judge Stephen M. Schwebel of the United States of America.
The Permanent Court of Arbitration served as registry.
In the Final Awards, the arbitral tribunals unanimously held that the Russian Federation had taken measures with the effect equivalent to an expropriation of Claimants’ investments in Yukos and thus had breached Article 13(1) of the Energy Charter Treaty. As a result, the Russian Federation was ordered to pay damages to compensate Claimants. At the same time, the arbitral tribunals found some contributory fault on behalf of Claimants, leading them to reduce the amount of damages awarded.
Information relating to these arbitrations and links to the Final Awards:
The PCA served as registry in support of these three arbitrations, which were conducted under the UNCITRAL Arbitration Rules 1976 pursuant to the Energy Charter Treaty of 1994.
The members of the Arbitral Tribunals were:
The Hon. L. Yves Fortier PC CC OQ QC (Chairman)
Dr. Charles Poncet
Judge Stephen M. Schwebel
Claimants were represented by:
Professor Emmanuel Gaillard
Dr. Yas Banifatemi
Ms. Jennifer Younan
SHEARMAN & STERLING LLP
Respondent was represented by:
Dr. Claudia Annacker
Mr. Lawrence B. Friedman
Mr. David G. Sabel
Mr. Matthew D. Slater
Mr. William B. McGurn
Mr. J. Cameron Murphy
CLEARY GOTTLIEB STEEN & HAMILTON LLP
Mr. Michael S. Goldberg
Mr. Jay L. Alexander
Dr. Johannes Koepp
Mr. Alejandro A. Escobar
BAKER BOTTS LLP
Рубрика: "Эхо Москвы"