Court decision invalidating yukos capital

05-Jul-2017 19:32

court decision invalidating yukos capital-33

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Followers of the case will need to wait to see whether the English Court will follow the Dutch Court of Appeal’s lead in allowing the enforcement of these arbitral awards despite their annulment at the seat of arbitration.

Background In September 2006, Yukos Capital obtained four arbitration awards (the “Awards“) against Rosneft totalling over US0 million.

The standards by which one country decides that the courts of another are partial and dependent may vary considerably in another country.

In order for the English Court to refuse recognition, cogent evidence of partiality and dependency must be given and considered in accordance with English law and public policy.

English High Court found an issue estoppel based on a Dutch court determination that Russian judgments annulling Yukos arbitral awards resulted from a partial and dependent judicial process The facts of the case were as follows.

Yukos Capital SARL (“Yukos”) claimed interest of over 0 million for the period between 20 during which OJSC Rosneft Oil Co.

Rosneft paid the principal sum under the Awards in August 2010.

Yukos Capital then sought to recover interest of over US0 million through enforcement of the Awards in the English Court.

[1] The May 2012 Paris Court of First Instance decision to render an Order granting enforcement of an International Commercial Arbitration Court (ICAC) award for almost US0 million in favour of Nikolai Maximov against Novilipetsk Steel.

Rosneft was therefore not issue estopped from disputing before the English Court that the Russian Court’s annulment of the Awards was partial and dependent. Comment As the case continues, arbitration practitioners and clients will continue to follow its progress with interest.

The question of the enforceability of arbitral awards annulled or set aside in their seat is not one with which the English Court is grappling alone.

(“Rosneft”) refused to satisfy four arbitral awards rendered and later annulled in Russia.

Yukos was a member of a Russian group of companies involved in oil production.

Subsequently Yukos initiated enforcement proceedings in the Netherlands.

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