In 2014, a panel of three arbitrators in Netherlands granted three awards totalling $50bn to the Yukos oligarchs, against Russia. These are the largest investment arbitral awards ever and represent 20% of the Russian Government’s spending budget in 2016. On 20 April 2016 the District Court of The Hague overturned the awards stating that the panel of arbitrators had no jurisdiction to hear the case. The oligarchs filed an appeal motion after substantial delay in the Court of Appeal in The Hague.
In October 2016 the Yukos oligarchs filed an appeal motion after substantial delay against the District Court’s ruling to overturn the $50bn awards. The case is scheduled to continue until 2018. In a significant judgement during the case management hearing in January 2017, the judges turned down the oligarchs’ request to split the appeal hearings into two parts.
The planned schedule:
- November 28, 2017, filing of Defence on Appeal by the Russian Federation
- December 2017 – 1 day procedural hearing
- June 2018 (tentative) – further hearing
Attempted asset seizures
Despite the Dutch court overturning the $50bn awards, the Yukos oligarchs are still trying to ‘enforce’ their claims around the globe. Most have ground to a halt. See the current status here.
On the 28 July 2016, the Yukos oligarchs abandoned their claim to seize Russian assets in India.
On the 27 July 2016, the Yukos oligarchs withdrew their claim to seize Russian assets in Germany.
8/6/2016 - The Yukos oligarchs suspended their seizure attempts in the UK
On the 30 September 2016 the US court agreed to stay a suit brought by the Yukos oligarchs attempting to enforce the arbitral awards against Russia.