Swedish Appeals Court
The Svea Court of Appeal has annulled two arbitral awards in Sweden relating to the Yukos case, in 2013 and 2016.
Quasar de Valores (Spain) et al vs Russian Federation
An arbitration procedure was filed by Spanish minority shareholders of Yukos in March 2007. Arbitration was governed by the Rules of Arbitration Institute of the Stockholm Chamber of Commerce based on a bilateral investment treaty between Spain and the Russian Federation.
In 2012 the arbitral tribunal ruled in favour of the claimants, awarding them 2 million US dollars plus interest.
Following the appeal by the Russian Federation in 2014 District Court of Stockholm upheld the award. Later in January 2016 the Svea Court of Appeals annulled the award finding that the arbitral tribunal had no jurisdiction over the dispute.
On 15 December 2016 the Swedish Supreme Court refused to grant leave of appeal of the Svea Court of Appeal decision.
RosInvestCo UK Ltd (UK) vs Russian Federation
On 28 October 2005 a former minority shareholder of Yukos Oil Company initiated arbitration proceedings against the Russian Federation based on the bilateral investment treaty between UK and Russia. Arbitration was governed by the Rules of Arbitration Institute of the Stockholm Chamber of Commerce. RosInvestCo claimed 232.7 million US dollars damages from the Russian Federation.
On 12 September 2010 the arbitral tribunal ruled in favour of RosInvestCo ordering Russia to pay 3.5 million US dollars plus interest.
The award was annulled in September 2013 by the Svea Court of Appeals. The Swedish court found that the Tribunal hearing the case had no jurisdiction.