Originally from American Review of International Arbitration - ARIA

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ENFORCEMENT OF INTERNATIONAL INVESTMENT
ARBITRATION AWARDS AGAINST THE RUSSIAN FEDERATION
Cody Olson∗
I. INTRODUCTION
In November 2007, OAO Yukos Oil Company (“Yukos” or the “Company”),
a Russian open joint stock company, which a mere four years earlier, at its peak,
had “a market capitalization estimated at over U.S. $33 billion,” was “liquidated
and struck off the register of legal entities.”1 The events leading up to Yukos’
total demise have been described by its former owners as “the biggest political
expropriation in history,” and, not surprisingly, have given rise to “history’s
biggest arbitrations,” with the Russian Federation (“Russia”) as respondent.2 At
least five investment arbitration proceedings have been commenced to date
(collectively the “Yukos arbitrations”), as well as a claim before the European
Court of Human Rights (the “ECHR”).3
Although Russia denies any State impropriety, “[t]he Yukos camp has largely
persuaded Western opinion leaders that it was the victim,” and the various
claimants anticipate a victory on the merits.4 Final awards in the majority
shareholder proceedings are not expected for several years.5 However, a recent
award in RosInvestCo UK Ltd. v. The Russian Federation6 (a minority shareholder
proceeding) adds weight to Yukos investors’ position.7 Thus the issuance of