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YUKOS’s unclear jurisdiction
15.12.2015
The dispute involving the former owners of YUKOS and Russia in the USA, which concerns recognition and execution of the Hague arbitration award for 50 billion US dollars is entering its active phase: Russia has submitted its final objections, and the Court of the District of Columbia must now decide whether it has jurisdiction over the matter. Alexander Bolomatov, Partner of the Law Firm “YUST”, shared with the Kommersant newspaper his opinion that the USA court might recognize its jurisdiction and consider the dispute, but that Russia still has chances to achieve a dismissal of recognition of the Hague awards: "Had this been a common commercial case, I would say that there are no chances, since most decisions on cases are executed almost automatically. But there is hope in the dispute between Russia and YUKOS. There are several reasons for this: the execution of an arbitration agreement is not obvious; the subjects are not typical, because a state is involved in the dispute; and, of course, the very amount of the claimed funds. Procedural breaches committed in the course of the case consideration in the Hague may also strengthen the Russian position".
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The dispute involving the former owners of YUKOS and Russia in the USA, which concerns recognition and execution of the Hague arbitration award for 50 billion US dollars is entering its active phase: Russia has submitted its final objections, and the Court of the District of Columbia must now decide whether it has jurisdiction over the matter. Alexander Bolomatov, Partner of the Law Firm “YUST”, shared with the Kommersant newspaper his opinion that the USA court might recognize its jurisdiction and consider the dispute, but that Russia still has chances to achieve a dismissal of recognition of the Hague awards: "Had this been a common commercial case, I would say that there are no chances, since most decisions on cases are executed almost automatically. But there is hope in the dispute between Russia and YUKOS. There are several reasons for this: the execution of an arbitration agreement is not obvious; the subjects are not typical, because a state is involved in the dispute; and, of course, the very amount of the claimed funds. Procedural breaches committed in the course of the case consideration in the Hague may also strengthen the Russian position". Read more
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