Former ˝YUKOS˝ shareholders v. Russia.

Available in Russian

Author: Iliya Rachkov

Keywords: discrimination; Energy Charter Treaty; expropriation; fair and equitable treatment; international investment arbitration; liability of states for internationally wrongful acts; Permanent Court of Arbitration


A commentary on the arbitral award renderedunder the auspices of the permanent Court of Arbitration in the Hague.

An ad hoc international investment arbitral tribunal recently published its award in a case seeking an unprecedentedly large award by three foreign companies, former shareholders of ˝Yukos˝, against Russia. Having applied the Energy Charter Treaty of 1994, the tribunal declared Russia to be liable for an unlawful expropriation of investments of the claimants in ˝Yukos˝. This article analyses the main arguments of the parties and their assessment by the tribunal and examines in more detail the questions of the jurisdiction of the tribunal, Russia’s liability, and evaluation of the losses for which Russia has to compensate the claimants.