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Yukos arbitrations: a cautionary tale for governments

01/10/2014

Sergiy Gryshko, Associate at CMS, discusses the Yukos arbitration in The Ukrainian Journal of Business Law.

On 18 July 2014 the arbitral tribunal (Judge Stephen M. Schwebel, Dr. Charles Poncet, chaired by The Hon. L. Yves Fortier) constituted under 1976 UNCITRAL arbitration rules simultaneously issued final awards based on the 1994 Energy Charter Treaty (ECT) in three “Yukos cases”: Hulley Enterprises Limited v. the Russian Federation, Yukos Universal Limited v. Russian Federation, Veteran Petroleum Limited v. Russian Federation. Three claimants collectively held 70.5% in OJSC Yukos Oil Company, the largest Russian oil and gas company at one time, which was forced into bankruptcy in 2007 following the collection of a USD 24 billion tax bill by the Russian authorities.

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