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Hulley Enterprises Limited (Cyprus) v. The Russian Federation, Final Award, July 18, 2014 by Margie-Lys Jaime

posted Oct 10, 2014, 10:16 AM by IACL

In its Award of 18 July 2014, the Tribunal found the Russian Federation liable in three arbitration cases under the UNCITRAL Arbitration Rules (PCA Case Nos. AA226 —Hulley, AA227 —Yukos Universal Limited, and AA228 —Veteran Petroleum Limited) for breach of its obligations under Article 13(1) (Expropriation) of the Energy Charter Treaty. The Tribunal awarded Claimants with over US$ 50 billion in damages, the largest amount awarded in the history of investment arbitration to date.