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The Aftermath of the Hague District Court Judgment: Are the Yukos Shareholders Now Shut Out from Enforcing the ECT Awards through the English Courts?

The Aftermath of the Hague District Court Judgment: Are the Yukos Shareholders Now Shut Out from... Following the recent judgment of the Hague District Court setting aside six Energy Charter Treaty (ect) awards rendered against Russia in favour of the former Yukos shareholders, this article explores the potential effect of the Dutch judgment on en - forcement of the underlying awards in England and Wales. English courts hav-e consis tently held that they are not bound by the setting aside of awards by the courts of the seat of arbitration. Nonetheless, recent cases demonstrate a trend that such discretion will be exercised sparingly, in accordance with the usual standards of English la - w ap plicable to the recognition and enforcement of foreign judgments. Further, in appr - o priate circumstances, the doctrine of issue estoppel may apply in enforcement actions before the English courts. It is, as yet, uncertain whether the fact that the awards arose under treaty will have any effect on the treatment by the English courts of the Dutch judgment. 1 Introduction In July 2014, the tribunal in the thr Yuk ee os-related Energy Charter Treaty (ect) arbitrations against the Russian Federation rendered the highest-value in - vest ment treaty arbitration awards in history, with a combined value in excess of http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Investment Law and Arbitration Review Online Brill

The Aftermath of the Hague District Court Judgment: Are the Yukos Shareholders Now Shut Out from Enforcing the ECT Awards through the English Courts?

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Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
eISSN
2468-9017
DOI
10.1163/24689017-00101005
Publisher site
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Abstract

Following the recent judgment of the Hague District Court setting aside six Energy Charter Treaty (ect) awards rendered against Russia in favour of the former Yukos shareholders, this article explores the potential effect of the Dutch judgment on en - forcement of the underlying awards in England and Wales. English courts hav-e consis tently held that they are not bound by the setting aside of awards by the courts of the seat of arbitration. Nonetheless, recent cases demonstrate a trend that such discretion will be exercised sparingly, in accordance with the usual standards of English la - w ap plicable to the recognition and enforcement of foreign judgments. Further, in appr - o priate circumstances, the doctrine of issue estoppel may apply in enforcement actions before the English courts. It is, as yet, uncertain whether the fact that the awards arose under treaty will have any effect on the treatment by the English courts of the Dutch judgment. 1 Introduction In July 2014, the tribunal in the thr Yuk ee os-related Energy Charter Treaty (ect) arbitrations against the Russian Federation rendered the highest-value in - vest ment treaty arbitration awards in history, with a combined value in excess of

Journal

European Investment Law and Arbitration Review Online – Brill

Published: Jan 1, 2016

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