Tag Archives: Yukos

No Award, No Problem? An Update on All Things Yukos

Quite a lot has happened since my last post about Yukos investors’ attempts to enforce a $50 billion Energy Charter Treaty (ECT) award from the Permanent Court of Arbitration in The Hague, Netherlands. With that in mind, this post will cover some of the more notable developments that highlight the major fault lines in the law of recognition and enforcement of foreign awards/judgments. Continue reading

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Yukos enforcement proceedings so far

Roughly one and one-half years since an arbitral tribunal in the Hague, Netherlands, handed shareholders of the now-defunct Yukos oil company an unprecedented $50 billion award, the victorious litigants don’t appear much closer to getting their hands on any of that judgment. According to the shareholders’ attorneys, recognition and enforcement proceedings have been initiated in France, the US, the UK, Belgium and Germany. While the Paris Court of General Jurisdiction granted recognition of the award in December 2014, Russia has appealed the lower court’s recognition order. In the US, however, things are progressing significantly more slowly.  Continue reading

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Russia takes Ukraine to court over $3 bln default

Wasting no time after the 10-day grace period expired on December 31, 2015, Russia’s Ministry of Finance announced that it had initiated proceedings against Ukraine for nonpayment of $3.075 billion that came due on December 20. In addition to simple nonpayment, the Russian side also has claims that Kyiv violated certain covenants and triggered at least one other event of default in the months and weeks leading up to the maturity date. Continue reading

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