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The $50 billion reversal

Thursday, June 16, 2016 @ 8:00 PM | By Ryder Gilliland and Iris Antonios

On April 20, The Hague District Court reversed the awards of an arbitral tribunal in proceedings against Russia by shareholders of Yukos Oil Company (Yukos), on the basis that the tribunal had wrongly declared itself competent in the arbitration to take cognizance of the claims. The damages awards had resulted in orders against Russia totalling more than US$50 billion.

This decision once again illustrates the importance of the question of arbitral jurisdiction in international arbitration and particularly in investor-state disputes.

Beginning around 2003, Russian tax authorities...