In The News

Today the Dutch Supreme Court quashed the judgments of The Hague Court of Appeal on the $50 billion case of the former Yukos Oil majority shareholders against the Russian Federation.

  On 14 September 2021, the English High Court rejected the Yukos Oil Company’s former majority shareholders’ request for permission to appeal the Court’s 14 April decision, which continued the stay of the proceedings in England.

  On 2 September 2021, the Court of Justice of the European Union (“CJEU”) delivered the final judgement in The Republic of Moldova v. Komstroy case.

On 28 July 2021, the Yukos Foundation issued a press release (the “Yukos Press Release”) disclosing the existence and content of the award of 23 July 2021 made in UNCITRAL arbitration proceedings between Yukos Capital and the Russian Federation (the “Award”).

On 14 April 2021, the High Court of Justice of England and Wales dismissed the application to lift the stay of the proceedings to enforce the US$50 billion Yukos awards in England initiated by the oil company’s former majority shareholders.

On 5 February 2021, the Dutch Supreme Court heard the cassation appeal of the Russian Federation against the judgment of the Hague Court of Appeal dated 18 February 2020, which had upheld the 2014 Yukos arbitration awards.

The Constitutional Court of the Russian Federation (RFCC) has issued a decision on 24 December 2020, in which the RFCC confirmed principles of Russian constitutional law concerning the separation of powers and consent to Investor-State Dispute Settlement (ISDS).

On November 20, 2020, the Chief Judge Howell of the US District Court for the District of Columbia granted the Russian Federation’s motion to stay the US proceedings to enforce the US$50 billion Yukos awards, initiated by its former majority shareholders (please see documents section).

On 15 May 2020, the Russian Federation submitted to the Dutch Supreme Court (“DSC”) an appeal in cassation against the Judgment of The Hague Court of Appeal (“CoA”) in Yukos proceedings, initiated by its majority shareholders, which directed the Russian Federation to pay US$ 57 billion in compensation for alleged damages.

On 18 February 2020, the Court of Appeal of The Hague issued a fundamentally flawed Judgment reinstating the annulled arbitration awards rendered in 2014 against the Russian Federation in favor of three YUKOS majority shareholders.

The Russian Federation will vigorously appeal the decision of The Hague Court of Appeal to reinstate the annulled arbitration awards in favour of the former majority Yukos shareholders, which had held the Russian Federation liable for US$50 billion in damages plus interest.

Yukos Awards have nothing to do with the Energy Charter Treaty (ECT). It is a Russian tax dispute between Russian nationals and the Russian Federation concerning Russian tax assessments against a Russian company (Yukos Oil) that the Russian Oligarchs owned and controlled. If the Yukos Awards would be valid and enforceable, the integrity and credibility […]

Based on decision of the Svea Court of Appeal (one of six appellate courts in the Swedish legal system based in Stockholm), Spanish minority shareholders of Yukos Oil Company (Alos 34 S.L., GBI 9000 S.L., Orgor de Valores Sicav S.A., Bestinver Bestvalue Sicav SA., (formerly Quasar de Valores Sicav S.A.) reimbursed legal costs of the Russian Federation. […]

23, 24, and 30 September 2019 The Hague Court of Appeal will conduct oral hearings in relation to the annulment of the awards in the former Yukos shareholders arbitrations, which had held the Russian Federation liable for US$50 billion in damages plus interest. The Yukos awards had already been annuled in April 2016 by The […]

Read the article on Law 360 website (subscription required) https://www.law360.com/articles/1196196/white-case-needn-t-turn-over-docs-to-ex-yukos-investors

Read the article on Financial Times website (subscription required) https://www.ft.com/content/37aa9d06-d0c8-11e9-99a4-b5ded7a7fe3f

In the cost reimbursement proceedings, the Berlin Higher Regional Court has recently issued a decision mandating the ex-shareholders of Hulley Enterprises Ltd., a company affiliated with the former Yukos Oil Company, to reimburse EUR 188 thousand of legal costs to the Russian Federation.

(The Hague, 22 January 2019): Following the order of Court of Appeal in The Hague (“CoA”) dated 18 December 2018, wherein the CoA paved the course for the further conduct of the appeal proceedings, on 22 January 2019, the CoA fixed the dates for the oral hearings in this matter.

(The Hague, 25 September 2018): By its ruling dated 25 September 2018, the Court of Appeal in The Hague (“CoA”) has dismissed a number of procedural objections

Sputnik News reports on how in a victory for Russia a Swedish appeals court has reversed the ruling of the Stockholm arbitration tribunal in the legal action filed by Yukos Shareholders against Moscow.

GAR Awards: Dutch Court overturn of $50bn Yukos arbitration awards is named most important arbitration decision of 2016 (subscription needed)

A senior legal commentator comments on reports that an arbitrator’s assistant conceived and drafted 70% of the three most important chapters of the Hague arbitration awards.

Law Society Gazette looks at the next steps of the case and information that has emerged from the witness statement of Dmitry Gololobov, the Yukos ex General Counsel.

Law 360 examines how the case will develop in 2017 (subscription needed)

Ahead of the January 2017 bifurcation ruling in the Dutch Court of Appeal, Legal Week analyses the next round of the Yukos case.

Andrey Kondakov, Director General of the ICLP, argues how Russian tax authorities, faced with deliberate illegality, presented Yukos with a tax claim. (subscription needed)

The Telegraph reports how the Yukos oligarchs’ attempts to seize assets are grinding to a halt around the world.

The Evening Standard speaks with Andrey Kondakov, Director General of the ICLP, on how Russia are the wronged party in the Yukos affair.

Bloomberg reports on Russia’s victory following the Dutch District Court overturn of the $50bn awards in April 2016 noting that this is the first time in 20 years that a district court has overturned an arbitration ruling. Read the article on Bloomberg.com

The Independent reports on Russia’s victory following the Dutch District Court overturn of the $50bn awards in April 2016. Read the article on The Independent website.

Ahead of the District Court’s ruling on the Russian Federation’s appeal, The Sunday Times reports on Russia’s core argument that Yukos was stolen in the first place.

The Wall Street Journal examines the arrest of Khodorkovsky, noting that “when you buy state assets in such dubious backroom deals your rights will never be truly secure”. (subscription needed)

Foreign Affairs describes how Putin had to rein in “a dangerous posse of plutocrats riding roughshod over Russia” at the start of his premiership in order to press ahead with his difficult reforms.