The question now at the center of the lawsuits in the hague is whether that assault on yukos was legal. Two years earlier, the russian federation started manipulating russian courts by attacking yukos and trying to seize its assets. Russia wins legal victory over yukos damages financial times. Diana bentley of lexis nexis interviewed yaraslau kryvoi. In 2004, three former majority shareholders of the oil company yukos hulley enterprises ltd. In 1995 and 1996 a handful of oligarchs took control of yukos, a vast russian energy company with huge oil and gas reserves. Here is a short summary of the most important points of the yukos arbitration award which former shareholders are now trying to enforce in belgium, france and other european countries.
The yukos saga continues to unfold in france lexology. A case study of success and failure in an unstable institutional environment article pdf available in journal of change management 103 september 2010 with 1,204. This award is for making marvelous progress in reading and it features an illustration of a girl reading a book. Lupicinio international law firm lupicinio international law firm madrid, 5 october 2016. Yukos oil battle flares up years after putins kremlin. Whats really happening with the yukos case foreign policy. The article was published in mirror of the week on july 3, 2015 it is over a decade since the russian tax authorities first conducted a highprofile investigation into the tax affairs of oao neftyanaya kompaniya yukos yukos. The award by a tribunal in the hague the largest ever in international arbitration is the latest chapter in a dispute that began in 2003 when russian authorities arrested yukoss. The russian courts were proving incapable of passing judgments on the case as an independent body without political interference.
Today, yukos files quarterly reports in accordance with u. At the same time, russia brought proceedings before the district court. The doctrine of clean hands in investment arbitration after the yukos award, 17 journal of world investments and trade 2016. This is by multiples the largest award that the ecthr has ever made, although the award is. Historic award in the yukos majority shareholders arbitration 28 july 2014.
Senior associate dan meagher and trainee solicitor shree majithia, recently wrote an article titled yukos. While the tribunal upheld its jurisdiction to hear the three cases, it postponed two jurisdictional issues to the merits. On july 18, 2014, the permanent court of arbitration at the hague handed down a decision in the case of yukos universal limited isle of man v. Russia, ordering the latter to pay the claimant more than 50 billion dollars. Yukos was acquired from the russian government by russian oligarch mikhail khodorkovskys bank menatep during the controversial loans for shares auctions of the mid 1990s. That has the kremlin apoplectic and threatening reprisals. In one episode, an icc award rendered in favor of yukos capital s.
This award is given to a student for making marvelous. By its award of july 18, 2014, an arbitral tribunal sitting in the hague under the auspices of the permanent court of arbitration found that the russian federation illegally expropriated the yukos. Most awards follow a prescribed format which is outlined in the applicable reg ar 600822, military awards. The articles above reference the stockholm district court dismissing the russian federations jurisdictional challenge to a previous arbitration ruling that ordered russia to compensate a group of spanish investors for the losses they suffered when the.
Yukos awards annulment by the hague district court iar. Army awards and service medals if you havent submitted someone for an award or service medal before it might seem difficult but its not really that hard. Yukos universal limited isle of man and the russian federation interim award on jurisdiction and admissibility 30 november 2009 tribunal l. Between 1996 and 2003 yukos became one of the biggest and most. On 20 april 2016, the district court in the hague the district court set aside six arbitral awards rendered by a threemember arbitral tribunal in a dispute between former shareholders of yukos and the russian federation. Yukos says the nominees for directors include individuals who have extensive experience within or related to the international oil industry and others who are respected for their contribution to. But if youve never prepared one before, those details are a problem. Below are examples of commonly required categories of awards bullets to help you get started. Historic award in the yukos majority shareholders arbitration. Four years later, the publicly traded yukos had overtaken lukoil as russias largest oil producer and held reserves comparable in size to those of exxon. In early 2015, the yukos shareholders commenced their crusade to enforce the three parallel awards handed down by the pca yukos awards. The yukos affair is also an attempt by putin to reassert state control over the economy. Yukos oil battle flares up years after putins kremlin crushed critic khodorkovsky. This article aims to ascertain the prospects of enforcing the yukos award in.
Final award of 18 july 2014 2 the russian state apparatus launched a full assault on yukos and its beneficial owners in order to bankrupt yukos and appropriate its assets while, at the same time, removing mr khodorkovsky from the political arena. As a result of yukos massive tax fraud, the tax ministry found that yukos had used the illegal tr ansfer pricing schem e in 2000, 2001, 2002, and 2003. Setting aside the yukos awards and the interim awards the issue of jurisdiction was once again at the centre of the yukos arbitration saga after russia commenced proceedings before the hague district court in 2014 seeking orders to set aside the 2009 interim awards and the 2014 yukos awards on a number of grounds. But, once you get started, it gets easier and easier. The award for what the court said amounted to an illegal seizure of. Andrei kondakov, directorgeneral of russias international centre for legal protection, a governmentfunded agency set up to appeal the yukos award, hailed what he called a completely. It pays particular attention to the viability of the public policy defense as. As the aggressive measures against yukos oil company gathered speed, it became clear that the russian federation was determined to destroy the company and seize its assets. Awards to recognize student achievement can build kids selfesteem, encourage additional effort, and promote positive values. In the summer of 1999, yukos reputation hit rock bottom, and disgusted foreign investors decided to divest. The final awards, rendered in july 2014, attracted significant attention from the general press and the international arbitration community because they ordered the. The tribunal found that yukos partially abused the legislation in place but that the russian federations reaction was far worse as it launched a full assault on yukos in order to bankrupt yukos and appropriate its assets while, at the same time, removing mr. The yukos interim awards on jurisdiction and admissibility.