Setting aside arbitral awards in the YUKOS case gives a blow to the Energy Сharter Treaty
On 20 April 2016, the District Court of The Hague in The Netherlands issued a ruling on setting aside arbitral awards issued by the Permanent Court of Arbitration in The Hague under the UNCITRAL Arbitration Rules of the year 1976 (Arbitration Court) in three cases: Veteran Petroleum Limited v. Russian Federation, Yukos Universal Limited v. Russian Federation, Hulley Enterprises Limited v. Russian Federation. All three claims were consolidated into a single arbitration procedure executed by one Arbitration Court and considered as the most expensive claim in its history: total claims were estimated at circa USD114.5 billion.
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