Brussels Court of Appeal puts an end to YUL’s attempts to enforce the YUL Awards in Belgium

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.

The Brussels Court of First Instance has lifted the unlawful seizures of Russian property in Belgium, made in 2015 by the Yukos oligarchs.

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.