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23-09-2019 

Yukos shareholders aim to reinstate Arbitral Awards in The Hague

On 23, 24 and 30 September 2019 at The Hague Court of Appeal in the Netherlands, the former Yukos majority shareholders argue that the Arbitral Awards ordering the Russian Federation to compensate them for the unlawful expropriation of their investment should be reinstated.

In July 2014, an independent international Arbitral Tribunal in The Hague ruled unanimously that the Russian state unlawfully expropriated Yukos. It awarded the former majority shareholders over $50 billion in compensation. The Tribunal found that “Russian courts bent to the will of Russian executive authorities to bankrupt Yukos, assign its assets to a state-controlled company [Rosneft] and incarcerate a man [Mikhail Khodorkovsky] who gave signs of becoming a political competitor.”

In 2016, the District Court of The Hague set aside the Arbitral Awards. It decided that the Tribunal did not have jurisdiction to hear the claims since the Russian Federation had signed but not ratified the Energy Charter Treaty, the legal basis for the arbitral proceedings. The former Yukos majority shareholders believe that the District Court’s decision is fundamentally flawed and must be overturned. The parties have submitted to the Court of Appeal hundreds of pages of written submissions, as well as dozens of expert reports and witness statements.

Tim Osborne, Chief Executive of GML, said: “The Russian Federation cannot be above the law. We are confident that the Court of Appeal will reverse the District Court decision, and justice will prevail. In the course of the hearing we will further explain why the Russian Federation’s arguments against the Arbitral Awards and the Arbitral Tribunal are misplaced, and why those Awards must be reinstated.”

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    Dutch Supreme Court rules that Russia unlawfully bankrupted Yukos

    On Friday 18 January 2019, the Dutch Supreme Court ruled that Russia unlawfully bankrupted Yukos Oil Company. The judgment upholds the ruling of the Appeals Court, which found the politically-motivated bankruptcy so egregious that it violated Dutch public policy.

  • 25-09-2018 

    GML welcomes The Hague Appeal Court ruling

    On 25 September 2018, The Hague Court of Appeal clarified the scope of the ongoing Dutch set-aside proceedings where former Yukos majority shareholders (GML) aim to reinstate the Arbitral Awards of 2014, which awarded them more than $50 billion in compensation after Russia unlawfully expropriated their investment.

  • 19-06-2018 

    GML takes part in procedural hearing in The Hague

    On 19 June 2018, GML, the former Yukos majority shareholders, took part in a procedural hearing at The Hague Court of Appeal. This was part of the ongoing Dutch set-aside proceedings in which GML aims to reinstate the Arbitral Awards of 2014.