January 2021 Day 15 of Signature’s Slide Show series -The Yukos awards revived

By Signature Litigation
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Signature Litigation

The difficult enforcement of the 50 billion dollar Yukos awards has also known developments in 2020: on 18 February, the Hague Court of Appeals reversed the 2016 annulment decision rendered on grounds that the arbitral tribunal lacked jurisdiction.

An appeal was filed by the Russian Federation. The enforcement proceedings have resumed but were suspended in the United States pending a final outcome in the Dutch proceedings. At the heart of the debate is the application of the Energy Charter Treaty (ECT) and in particular its provisions allowing recourse to arbitration – which had not been ratified by the Russian Federation despite Article 45 (1) providing that signatories must apply the ECT temporarily, insofar as it is not contrary to their constitution, laws or regulations.

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