"Renowned Arbitrator Probes Russian Energy Dispute: Emmanuel Gaillard Gives Insights Into Yukos Arbitration and Russian Energy Agreements", in Harvard Law Record, September 24, 2009, P.2

Facing three Energy Charter Treaty (ECT) arbitrations brought by the majority shareholders of former Yukos Company, the Russian Federation terminated on July 30, 2009 the provisional application of the ECT, the world’s largest and most comprehensive international energy agreement. Introduced by Professor Bill Alford, Professor Emmanuel Gaillard (Paris XII University; head of the International Arbitration Group at Shearman & Sterling LLP; lead counsel for the Claimants in the Yukos arbitrations), gave a lecture at Harvard Law School on the importance of the ECT and the legal and policy implications of Russia’s change of heart with respect to the ECT.

The ECT arbitrations were instituted against the Russian Federation by the majority shareholders of Yukos Oil Company in early 2005. The Claimants allege that the Russian Federation expropriated their investment in Yukos, a loss that amounts to over US$100 billion. Awaiting the award on jurisdiction in these arbitrations, Professor Gaillard stated that Russia’s termination of the provisional application of the ECT is a policy decision within the State’s discretion.

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View details on the event, The Yukos Affair in Context: The Energy Charter Treaty and Russia's Energy Policy