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.
Adoption of the OECD Pillar Two model rules implementing accords on a global minimum corporate tax rate may result in anomalous or unfair results for some multinationals. Protections.
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.
Introduction
France is an arbitration-friendly jurisdiction with a positive attitude towards enforcement of international arbitral awards. The enactment of Decree 2011-48 of 13 January 2011, which reformed French arbitration law, reinforced this positive approach.
One of the major innovations of Decree 2011-48 was Article 1526 of the Civil Procedure Code (CPC). Pursuant to said article, a motion to set aside an international arbitral award or an appeal against an order granting such award s enforcement (
exequatur) no longer leads to an automatic stay of execution of the international arbitral award.
However, this innovation is accompanied by an important safeguard: if the international award s enforcement is likely to severely harm the rights of one of the parties, the first president of the court of appeal ruling in expedite proceedings or the pre-trial judge overseeing the case, once appointed, may stay or amend the award s enforcement (Article 1526(2)).(1)