A Dutch court found that Russia doesn’t have to pay $50 billion to Yukos shareholders. Here’s the big catch: international investment law is so complicated that Russia might have to pay anyway.
In a major victory for the Russian government, a Dutch court overturned an award of more than $50 billion to former shareholders of the defunct oil company Yukos.
Un tribunal de la Haye a reconnu que la Cour d’arbitrage de La Haye, qui a condamné la Russie à verser 50 milliards de dollars aux anciens actionnaires de la compagnie Ioukos, n’avait pas les compétences nécessaires à ces fins.
L’agence spatiale russe Roskosmos a gagné le procès en France dans l’affaire de la saisie des comptes de la société d’Etat dans le cadre de l’affaire Ioukos.
Nul besoin d’envoyer canonnières ou porte-avions pour intimider un Etat qui menacerait les intérêts des puissantes compagnies occidentales. Il existe un discret mécanisme pour régler les litiges entre États et investisseurs : l’ « ISDS ».
The Oxy II awards subvert the notion of sovereignty: by whom and how a country’s natural resources are used becomes a minor question as long as wealth is maximised.
Singapore has moved quickly to sign an investment treaty with oil-rich Iran to support Singapore firms investing in an economy that is emerging after the recent lifting of global sanctions.
Venezuela and Canadian mining company Gold Reserve signed a memorandum of understanding to settle a protracted arbitration dispute over a gold concession.