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Shearman & Sterling Secures Historic US$50 Billion Award for Yukos Majority Shareholders
28 Jul 2014 , In an historic arbitral award rendered on July 18, 2014, an Arbitral Tribunal sitting in The Hague under the auspices of the Permanent Court of Arbitration (PCA) held unanimously that the Russian Federation breached its international obligations under the Energy Charter Treaty (ECT) by destroying Yukos Oil Company and appropriating its assets. The Tribunal ordered the Russian Federation to pay damages in excess of US$50 billion to our clients who were the majority shareholders of Yukos Oil Company. The Tribunal also ordered the Russian Federation to reimburse to our clients US$60 million in legal fees, which represents 75% of the fees incurred in these proceedings, and €4.2 million in arbitration costs. This is by far the largest award ever rendered by an arbitral tribunal.
“This award is a major victory for us. After intense scrutiny, the Tribunal confirmed what the Claimants have been saying all along, namely that Yukos was destroyed, and its assets expropriated, for political reasons”, said Tim Osborne, director of GML, the holding company that indirectly owned the majority of Yukos’ shares.
According to Emmanuel Gaillard, Head of Shearman & Sterling’s International Arbitration Group, “This is a great day for the rule of law: a superpower like the Russian Federation is held accountable for its violations of international law by an independent arbitral tribunal of the highest possible calibre”.
“The award is final and binding, and is now enforceable in 150 States under the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards,” said Yas Banifatemi, International Arbitration partner in charge of the Shearman & Sterling’s Public International Law practice.
The Tribunal was chaired by Yves Fortier, formerly Canada’s Representative on the UN Security Council and President of the Council. The Russian Federation appointed Judge Stephen Schwebel, former President of the International Court of Justice, and the Claimants appointed Dr. Charles Poncet, partner at CMS von Erlach Poncet Ltd. in Geneva.
The proceedings were, in the Tribunal’s words, “mammoth arbitrations.” They involved a ten-day hearing on jurisdiction and admissibility in 2008 and a 21-day Hearing on the Merits in 2012, attended by over 50 party representatives as well as fact witnesses and experts. The parties’ written submissions exceeded 6,500 pages and the transcript of the hearings is over 3,300 pages long. Over 11,000 exhibits were filed with the Tribunal.
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