Hague Arbitration Tribunal Accepts Yukos Case

The Hague Permanent Court of Arbitration accepted jurisdiction in a $100 billion suit by former Russian oil giant Yukos shareholders against the Russian government. The plaintiffs allege the government artificially forced Yukos into bankruptcy through tax claims, making their shares worthless. The suit is based on the Energy Charter, a multilateral treaty that Russia signed but did not ratify. Russia applied the treaty provisionally until 2009, when it formally declared (after the Yukos suit was filed) that it no longer intends to become a member. Nevertheless, the arbitration tribunal ruled that the case “can go forward on its merits.”

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