The Hague District Court sets aside the $50bn arbitration awards
The District Court of the Hague set aside the $50bn awards made against Russia for the alleged expropriation of Yukos. The court ruled that as Russia had not ratified the Energy Charter Treaty, the arbitration court had no jurisdiction on the matter.
A panel of three arbitrators in the Netherlands ordered the Russian Federation to pay over $50bn in compensation for the indirect expropriation of Yukos
The Yukos oligarchs won an unprecedented $50bn billion awards against the Russian Federation. Russia said they would appeal the ruling in the Dutch courts, criticising the “seriously flawed” judgement as “politically biased”.