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DISPUTE: Yukos Universal Limited (Isle of Man) v. Russian Federation; Veteran Petroleum Limited (Cyprus) v. Russian Federation; Hulley Enterprises Ltd. (Cyprus) v. Russian Federation
CLAIMANT’S COUNSEL: Shearman & Sterling
RESPONDENT’S COUNSEL: Baker Botts; Cleary Gottlieb Steen & Hamilton
ARBITRAL INSTITUTION AND SITE: Permanent Court of Arbitration (Ad hoc/UNCITRAL)/The Hague
ARBITRATORS: L. Yves Fortier; Charles Poncet; Stephen Schwebel
NOTES: A historic trio of cases brought against Russia by the majority shareholders of the defunct Yukos Oil Company. Claimants argue that Russia drove Yukos into bankruptcy through allegedly inflated tax claims in a vendetta against former CEO Mikhail Khodorkovsky. In its defense, Russia has argued that its courts properly adjudicated genuine tax offenses. Citing unfair treatment and expropriation in violation of the Energy Charter Treaty, claimants currently seek damages of $114 billion. In November 2009 the tribunal asserted jurisdiction. The case was tried over five weeks in October and November 2012. The arbitrators’ decision is pending. In related cases involving token damages, minority shareholders of Yukos largely persuaded arbitrators of their story, while Yukos management obtained mixed results in the European Court of Human Rights.

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