Uphold $50B Yukos Awards, Dutch High Court Adviser Says

Law360 (April 23, 2021, 10:40 AM EDT) -- A legal adviser for the Netherlands' highest court recommended Friday that $50 billion in arbitral awards issued to the former shareholders of Yukos Oil Co. be upheld, concluding Russia's grounds for vacating them are not strong enough.

Advocate General Paul Vlas said Russia's arguments that the tribunal lacked jurisdiction since the country had never agreed to be bound by the arbitration regulations of the underlying treaty, the Energy Charter Treaty, are unfounded.

Nor was he convinced by the Kremlin's arguments that the awards are invalid since the former shareholders allegedly acquired their investment through fraud and bribery, saying the ECT doesn't...

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