Through a series of judgments the Brussels Court of Appeal has put an end to YUL’s attempts to enforce the YUL Awards in Belgium and preclude it from seeking enforcement of the YUL Awards in the future on the Belgian territory.
The oligarchs have announced that they are abandoning all attempts in Belgium to enforce part of the $50 billion arbitral awards made in 2014, which were overturned by The Hague District Court in 2016.
The ICLP welcomes the oligarch’s decision to withdraw their enforcement proceedings in France following the Dutch District Court’s decision in April 2016 to overturn the unprecedented $50bn Yukos awards.
Earlier this month, The ICLP issued a claim in the English Courts enforcing an award made in favour of the Russian Federation. The oligarchs have confirmed that they do not contest the application and have paid in full plus interest.
Following an arbitral claim the oligarchs brought against the Russian Federation through the oligarch’s vehicle FPH, The Russian Federation is now compelling the vehicle to pay a London UNCITRAL arbitration costs awards made in September 2016 and is asking the UK High Court to compel FPH to disclose its worldwide assets.
The Court criticised one of its former members, Mr Hammerstein, for acting improperly by writing a legal opinion at the request of the oligarchs whilst he was still a member of the Supreme Court in a case that was closely connected to a procedure in the Dutch court.
The court recommends submitting a list of questions to the Court of Justice of the European Union (ECJ) for a preliminary ruling aimed at the interpretation of the Energy Charter Treaty. Parties have until 10 October to revert.
The Russian Federation noted that the Yukos oligarchs were appealing the firm decision by the District Court of The Hague to strike down the arbitration tribunal awards made by a panel of three arbitrators in 2014, without providing any grounds for their appeal.
The Dutch District Court in the Hague ruled that the arbitral tribunal was wrong to consider itself to have jurisdiction in the case and threw out the $50bn awards in their entirety, awarding costs against the oligarchs.