By: Roger Kennell & Olga Bischof
Background
In July 2014 we reported that an international arbitral tribunal sat in the Hague had ordered the Russian Federation to pay over US$ 50 billion to former shareholders of the Yukos oil company, for its politically motivated campaign to destroy Yukos’ business and expropriate its assets for the Russian state oil company, Rosneft. The tribunal had held that this constituted a breach of the Energy Charter Treaty the “ECT”): to see the previous alert, please click here. Unsurprisingly Russia has yet to pay the amounts payable under the awards and interest has started to accrue. Instead, Russia has filed an appeal against the 3 awards, seeking to set them aside. Read more.
Location