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.
On 5 February 2021, the Supreme Court of The Netherlands will hold a short hearing on Russia's final attempt to set aside the Arbitral Awards. You can read about the hearing 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
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.
18-05-2020
18-02-2020
The Hague Court of Appeal reinstates Arbitral Awards
The Hague Court of Appeal has today reinstated the Arbitral Awards of 2014, which order the Russian Federation to compensate the former Yukos majority shareholders for the unlawful expropriation of their investment. The Awards amount to more than $50 billion, a measure of the company’s success before it was destroyed.
Tim Osborne, GML’s chief executive, commented: “This is a victory for the rule of law. The independent courts of a democracy have shown their integrity and served justice. A brutal kleptocracy has been held to account.”
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