Yukos shareholders v Russia: the awards and the Dutch set aside cases
- Forum
- Energy Charter Treaty Article 26 arbitrations seated in The Hague 1
- Parties
- Hulley Enterprises Limited, Veteran Petroleum Limited, Yukos Universal Limited (HVY) and the Russian Federation 1
- Interim awards
- 30 November 2009, on preliminary objections 1
- Final awards
- 18 July 2014, more than US$50 billion in total 1
- Set aside proceedings
- Hague District Court 2016, Hague Court of Appeal 2018 and 2020, Supreme Court 2021, Amsterdam Court of Appeal 2024, Supreme Court 2025 1
- Final Dutch ruling
- Hoge Raad, 17 October 2025, case 24/01964, appeal rejected 1
The arbitrations
HVY, shareholders in Yukos Oil Company, began arbitrations against Russia in 2004 under Article 26 of the Energy Charter Treaty, with the seat in The Hague 1. The tribunal issued three interim awards on preliminary objections on 30 November 2009 1. On 18 July 2014 it issued three final awards ordering Russia to pay damages of more than US$50 billion in total 1.
De Brauw, a Dutch law firm, describes the 2014 finding as one that Russia was responsible for the unlawful expropriation of Yukos 2. As reported by Mike Corder of the Associated Press, the shareholders argued that Moscow deliberately bankrupted the company to silence its chief executive, Mikhail Khodorkovsky 3.
Dutch court rulings
| Date | Court | Ruling |
|---|---|---|
| 20 April 2016 | Hague District Court, ECLI:NL:RBDHA:2016:4229 | Set aside the awards for lack of a valid arbitration agreement 1 |
| 25 September 2018 | Hague Court of Appeal, ECLI:NL:GHDHA:2018:2476 | Upheld HVY's objection to Russia's new fraud arguments 1 |
| 18 February 2020 | Hague Court of Appeal, ECLI:NL:GHDHA:2020:234 | Reversed the District Court and dismissed Russia's claim 1 |
| 5 November 2021 | Supreme Court, ECLI:NL:HR:2021:1645 | Held that fraud committed in the arbitration can be raised in set aside proceedings, and sent the case to the Amsterdam Court of Appeal 1 |
| 20 February 2024 | Amsterdam Court of Appeal, ECLI:NL:GHAMS:2024:351 | Dismissed Russia's claim again 1 |
| 17 October 2025 | Supreme Court, ECLI:NL:HR:2025:1569 | Rejected Russia's appeal in cassation 1 |
Russia's fraud allegations
Russia alleged that HVY submitted false statements in the arbitrations, withheld relevant documents and made secret payments to one of their main witnesses, as the Supreme Court recorded 1. Russia first raised these points on appeal, in its statement of 28 November 2017 1.
The Amsterdam Court of Appeal held that Russia knew of the alleged fraud during the first instance proceedings in 2015 and 2016 1. It found that raising it later conflicted with proper procedural conduct under Article 130(1) of the Dutch Code of Civil Procedure, and so left the fraud claim out of consideration 1. The other set aside grounds had been decided finally, so it reached the same outcome as in 2020 1.
The Supreme Court ruling of 17 October 2025
The Hoge Raad rejected Russia's appeal, following the opinion of Advocate General P. Vlas 1. It held that no appeal lies against a decision under Article 130(1) of the Code of Civil Procedure 1. It rejected the complaint about the continued existence of Hulley and Veteran Petroleum after they moved their registered seats 1.
It ordered Russia to pay the costs of the cassation proceedings, €16,410 in disbursements and €2,200 in fees 1. The Associated Press reported that the court called the ruling a definitive end to the legal battle 3. De Brauw said the court dismissed Russia's complaints mainly on procedural grounds 2.
Common questions
How much are the Yukos awards against Russia?
The three final awards of 18 July 2014 total more than US$50 billion 1.
Did the Dutch Supreme Court uphold the Yukos awards?
Yes. On 17 October 2025 it rejected Russia's appeal against the Amsterdam Court of Appeal ruling, leaving the awards in place 1.
Why did the Amsterdam court not examine Russia's fraud claims?
It held Russia raised them too late, as it knew of them in 2015 and 2016, which conflicted with proper procedural conduct 1.
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Sources
- Hoge Raad der Nederlanden: judgment ECLI:NL:HR:2025:1569, Russian Federation v Hulley Enterprises and others (17 October 2025)
- De Brauw, law firm article: Netherlands Supreme Court puts an end to Yukos saga (17 October 2025)
- Associated Press, Mike Corder: Dutch Supreme Court rejects Russia's final appeal in US$50B Yukos case (October 2025)
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- ConocoPhillips v Venezuela (ICSID Case No. ARB/07/30)
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