Russia Asks Dutch Supreme Court To Nix $50B Yukos Awards

Law360 (May 15, 2020, 4:35 PM EDT) -- Russia has asked the Supreme Court of the Netherlands to overturn the record-breaking $50 billion in arbitral awards issued to former shareholders of Yukos Oil Co. following Moscow's dismantling of the oil giant, the country's justice ministry announced on Friday.

The announcement comes after the Hague Court of Appeal revived the awards in February, overturning an earlier ruling in which a lower court concluded that the Permanent Court of Arbitration tribunal that issued the awards in 2014 had lacked jurisdiction.

The three arbitral awards totaling $50 billion, plus interest — believed to be the largest ever issued in investment arbitration —...

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