In 2014, an independent international Arbitral Tribunal in The Hague ruled unanimously that one of Russia’s most successful companies, Yukos Oil, was illegally expropriated by the Russian Federation. The Tribunal awarded compensation of more than $50 billion to former Yukos majority shareholders.
On 18 February 2020, The Hague Court of Appeal fully reinstated these Arbitral Awards, overturning a 2016 ruling of the District Court that had set them aside. You can read an English translation of the Court of Appeal judgment in our Library below.
The Supreme Court of The Netherlands is now considering the Russian Federation's cassation appeal. We are confident that the Supreme Court will uphold the Court of Appeal's ruling and, thus, the Arbitral Awards. You can read about the legal proceedings here.
GML, via its wholly-owned subsidiaries, Yukos Universal Limited and Hulley Enterprises Limited, was the majority shareholder of the former Yukos Oil Company. Our goal is to obtain justice by ensuring that the Arbitral Awards are enforced.
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Latest news
23-04-2021
Advocate-General advises Dutch Supreme Court to dismiss Russia's appeal
Today, the Advocate-General of The Netherlands advised the Dutch Supreme Court to dismiss the Russian Federation’s cassation appeal in its entirety and to uphold the 2020 Court of Appeal ruling which reinstated the Arbitral Awards in favour of the former Yukos majority shareholders. The Awards order Russia to compensate the shareholders for the unlawful expropriation of their investment. The compensation amounts to more than $50 billion, a measure of the company’s success before it was destroyed. You can read our press release here.
05-04-2021
Emmanuel Gaillard (1952-2021)
GML is deeply saddened by the sudden and unexpected passing of Professor Emmanuel Gaillard on April 1st 2021. To his family, friends and colleagues, we send our heartfelt condolences. “I have lost a friend and a colleague,” said Tim Osborne, Chief Executive of GML, “while the legal profession has lost one of its leading lights. Emmanuel is irreplaceable, and will be terribly missed by everyone who had the privilege to work with him.” You can read our tribute here.
04-12-2020
Dutch Supreme Court rules Yukos shareholders can continue to enforce Arbitral Awards
On 4 December 2020, the Supreme Court (Hoge Raad) of the Netherlands ruled that the former Yukos majority shareholders can continue to enforce their $50 billion Arbitral Awards. You can read the Supreme Court's press release here.
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