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Article: ENERGY CHARTER: YUKOS SHAREHOLDERS CALL FOR COMPENSATION.(Brief Article)
- Article from:
- European Report
- Article date:
- February 12, 2005
CopyrightCOPYRIGHT 2005 Europolitics. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Majority shareholders in Russian oil firm Yukos are demanding $28.3 billion compensation from the Russian state for expropriation and failure to protect their investments. The case is being brought before the United Nations Commission on International Trade Law (UNCITRAL), in line with article 26 of the Energy Charter Treaty. Though Russia has never ratified the treaty, it was provisionally applied in the country. The Ministry of Foreign Affairs website confirms this on a page devoted to the energy charter. Under article 26, disputes can be referred to international arbitration if they are not settled amicably between the disputing parties within three ...