Veteran Petroleum Limited (Cyprus) v. The Russian Federation, UNCITRAL, PCA Case No. AA 228, Final Award (July 18, 2014)
1. In February 2005, three controlling shareholders of OAO Yukos Oil Company (or “Yukos”)—Hulley Enterprises Limited (“Hulley”), a company organized under the laws of Cyprus, Yukos Universal Limited (“YUL”), a company organized under the laws of the Isle of Man, and Veteran Petroleum Limited (“VPL”), a company organized under the laws of Cyprus (collectively, “Claimants”)—initiated arbitrations against the Russian Federation (“Respondent” or “Russia”), which together with Claimants constitute the “Parties.”
2. The three arbitrations were heard in parallel with the full participation of the Parties at all relevant stages of the proceedings. Mindful of the fact that each of the three Claimants maintains separate claims in separate arbitrations that require separate awards (the “Final Awards”), the Tribunal nevertheless shall discuss these arbitrations as a single set of proceedings, except where circumstances distinct to particular Claimants necessitate separate treatment.
3. The Final Awards address: (a) those of Respondent’s objections to jurisdiction and admissibility that remain to be decided after the Interim Awards on Jurisdiction and Admissibility of 30 November 2009 (the “Interim Awards”);1 (b) Claimants’ claims on the merits; and (c) quantum.
4. By any standard, and as will be seen, these have been mammoth arbitrations. At the highest, Claimants are claiming damages from Respondent of “no less than US$ 114.174 billion.”2 Since February 2005, the Tribunal has held five procedural hearings with the Parties and issued 18 procedural orders. In the fall of 2008, the Tribunal held a ten-day hearing on jurisdiction and admissibility in The Hague and, in November 2009, issued three Interim Awards, each over 200 pages. A twenty-one day Hearing on the Merits (or “Hearing”) took place in The Hague from 10 October to 9 November 2012. The written submissions of the Parties span more than 4,000 pages and the transcripts of the hearings more than 2,700 pages. Over 8,800 exhibits have been filed with the Tribunal.