CMS advises Tatneft in major investment arbitration against Ukraine

CMS Cameron McKenna in Kyiv has acted for major oil company Tatneft in relation to an international investment arbitration against Ukraine over what was perceived as an illegal takeover of the oil refinery Ukrtatnafta in 2007. The arbitral tribunal constituted under 1976 UNCTIRAL Arbitration Rules awarded $112 million in damages following the decision that Ukraine had acted unlawfully.

Senior partner Olexander Martinenko acted as an expert witness on the matters of Ukrainian law in the arbitration under the Russia-Ukraine Bilateral Investment Treaty, supported by senior associate Sergiy Gryshko and lawyer Maksym Bugai.

Commenting on the outcome, partner Olexander Martinenko said: “The results of this international investment arbitration demonstrate not only our unquestionable Ukrainian law strength, but also our capacity efficiently to assist clients in the most complicated international arbitrations".

CMS has a long tradition of breaking new ground in the Central and Eastern Europe and this recent judgement is no exception.