Russia's Commitment To Int'l Law Will Be Tested By Yukos
Law360, New York (August 25, 2014, 10:52 AM EDT) -- In a historic arbitration award rendered on July 18, 2014, an arbitral tribunal sitting in The Hague under the auspices of the Permanent Court of Arbitration unanimously held that the Russian Federation breached its international obligations under the Energy Charter Treaty by destroying Yukos Oil Company and appropriating its assets. The tribunal ordered the Russian Federation to pay damages in excess of $50 billion to the majority shareholders of Yukos. The tribunal also ordered the Russian Federation to reimburse to the claimants $60 million in legal fees, which represents 75 percent of the fees incurred in these proceedings, and approximately $5.56 million in arbitration costs. This is by far the largest award ever rendered by an arbitral tribunal....
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