Russian Federation Did Not Ratify Treaty; $50B In Awards Quashed By Hague Court

(April 20, 2016, 11:49 AM EDT) -- THE HAGUE, Netherlands — The District Court of The Hague on April 20 reversed more than $50 billion in awards issued in three arbitration cases filed against the Russian Federation in relation to investments made in OAO Yukos Oil Co. (Yukos) after determining that the Russian Federation was not bound by the terms of the arbitration clause in the Energy Charter Treaty because the federation never ratified the treaty (The Russian Federation v. Veteran Petroleum Ltd., No. 477160; The Russian Federation v. Yukos Universal Ltd. [Isle...
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