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Gaillard, Banifatemi Highlighted in Yukos Oil Article in Focus Europe

27 Jul 2010

Paris International Arbitration partners, Emmanuel Gaillard and Yas Banifatemi were highlighted in an article about the Yukos Oil case published in Focus Europe, an American Lawyer supplement, Summer 2010.

The following are excerpts from the article, "Black Gold Rush. A Lifetime of Litigation: Can a dead oil company still hit a gusher?," by Michael D. Goldhaber.

Battling for the Yukos billions, the oligarchs scored some early wins. Now comes the hard part. A field guide to the world's biggest litigation.

On November 30, 2009, an Arbitral Tribunal sitting in The Hague under the auspices of the Permanent Court of Arbitration (PCA) ruled that the Russian Federation is bound by the Energy Charter Treaty (ECT) despite the fact that the Treaty has not been ratified by the Russian Duma. The Tribunal also held that the Yukos majority shareholders are entitled to the Treaty’s protection.

The three arbitrations were initiated by the Claimants following the illegal expropriation by the Russian Federation of their investment in Yukos Oil Company. The Claimants, two GML subsidiaries (Hulley Enterprises and Yukos Universal), and Veteran Petroleum, the pension fund for the benefit of former Yukos employees, seek compensation for an aggregate amount of up to 100 billion US dollars. This matter is the largest arbitration ever in terms of amounts at stake.

The arbitration proceedings brought by the Yukos majority shareholders have proceeded to the merits of the Claimants’ claims for the breaches of the ECT by the Russian Federation.

The arbitrations are conducted in accordance with the UNCITRAL Arbitration Rules and are administered by the Permanent Court of Arbitration in The Hague.

See also "Yukos Majority Shareholders Win the First Phase of their US$100 Billion Compensation Claims Against Russia"

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