Russia Loses Bid to Overturn $50 Billion Award in Yukos Case bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
A judge gave Russia just over a month on Friday to file evidence opposing Yukos Oil investors' bid to restart proceedings to enforce an unprecedented $57 billion worth of arbitral awards, after acknowledging that Moscow's appeals in the Netherlands have mostly run out.
The High Court recently declined to lift a stay of the hearing of an application for the enforcement, under the Arbitration Act 1996, of certain arbitral awards and a related jurisdictional objection by the respondent (Russia) on grounds of sovereign immunity. Among other things, a court's powers under the Arbitration Act to order an adjournment of proceedings and the payment of security are not applicable where there is an unresolved state immunity challenge under the State Immunity Act.