Recognition and enforcement of arbitral awards Archives - Page 3 of 3 - international litigation blog
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Recognition and enforcement of arbitral awards

Yukos Awards Enforcement Proceedings – The Belgian Aspects (Part 2 – YUL’s Inadmissibility Objection Against Russia’s Third-Party Opposition)

As mentioned in my previous post (see here), legal proceedings are currently under way in Belgium where Yukos Universal Ltd (YUL) – one of the former shareholders of the Russian oil company Yukos (Yukos) – seeks the enforcement of one of the three arbitral awards which were rendered in July 2014. As explained in my previous post, those three awards cumulatively ordered Russia to pay USD 50 billion for breach of the Energy Charter Treaty when it sought to nationalise Yukos’s assets in the early 2000’s.

The Belgian exequatur of the award rendered in YUL’s favour was initially granted by the Brussels Court of First Instance on 24 June 2015. However, this had been done through a unilateral process which did not allow Russia to take part in the proceedings and to make itself heard. Subsequently, Russia filed a third-party opposition against the order of the Court of First Instance which had granted the exequatur of the award. This third-party opposition had the effect of bringing the parties back before the Brussels Court of First Instance for a new hearing and new debates.READ MORE

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Yukos Awards Enforcement Proceedings – The Belgian Aspects (Part 1 – The Background)

On 21, 24, 25 and 28 November 2016, the Brussels Court of First Instance heard the arguments of the parties to the Belgian enforcement proceedings of one of the three arbitral awards which cumulatively ordered Russia, in 2014, to pay USD 50 billion to the benefit of former shareholders of the Russian oil company Yukos (Yukos).

The origins of this case date back to the dissolution of the Soviet Union when Yukos became Russia’s largest and first fully-privatized oil company. In 2003, however, Russia alleged that Yukos had engaged in a series of tax-avoidance schemes whereby huge amounts of capital were being transferred to off-shore holdings located in tax havens. Consequently, it commenced a series of measures aimed at re-appropriating the company’s assets which ultimately led to Yukos’s nationalisation.READ MORE

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